New York City has experienced significant population and housing growth over the years, with the population reaching well over 8 million in 2021, and the number of housing units increasing to over 3 million. However, this growth has not translated into affordable housing options for the majority of residents. There is a clear imbalance between the supply of market rate or luxury homes and the availability of affordable housing units.
The vacancy rates tell a revealing story. In 2021, the vacancy rate for rentals under $1,500 a month was less than 1 percent, while homes priced at $2,300 and above had a vacancy rate of 12.64 percent. The majority of rental units in the city are market rate or luxury, with only 28 percent of the housing stock falling under rent-stabilized apartments. This situation is exacerbated by the loss of approximately 1 million stabilized units since the 1980s condo conversion boom and vacancy decontrol in the late 1990s.
