By: Aaron Ginsburg, Jon-Ade Holter
New York City must create roughly 700,000 new homes over the next decade to address its housing shortage, according to a draft city report. Released Wednesday, the Fair Housing Growth Strategy report is an analysis of the city’s housing crisis, mandated under a 2023 City Council bill that called for an assessment of the city’s overall need for new housing. The report finds that the city’s current shortage is among the worst in recorded history, with a rental vacancy rate of just 1.4 percent. Among apartments with asking rents below $1,100, fewer than 0.4 percent are available.












