Problem DescriptionHousing is in high demand and short supply, as the population continues to grow and housing production lags behind demand. Despite a total supply of 3.4 million housing units, the largest New York City’s housing stock has ever been, the vacancy rate was only 3.45 percent in 2014, well below the legal de nition of a housing emergency (a vacancy rate below 5 percent). In 2014, almost 56 percent of New York City renter households were rent burdened, de ned as paying more than a third of their income toward housing costs. More than 30 percent of renter households were severely burdened, de ned as paying more than half of their income toward rent. This trend is a result of stagnating wages and increasing costs over the past 20 years. As described above, the creation of new housing supply at all income levels will help to alleviate this pressure and contribute to housing affordability in the city.
The initiatives below support housing preservation and production, emphasizing Housing New York’s focus on affordability and the City’s commitments to support overall housing production. Additionally, we are committed to pursuing strategies for mitigating homelessness, beginning with the provision of support services for the city’s most vulnerable populations. Initiatives discussed in Vision 4 address our commitment to strengthening the capacity of homeowners, landlords, renters, and tenants affected by Hurricane Sandy.
Housing production across the metropolitan area has also lagged behind demand, adversely affecting the region’s competitiveness as employers across diverse sectors seek to locate in areas that provide varied housing options for their workforce. As the region continues to grow, reaching 22 million residents in total by 2040, the City will seek to coordinate with regional partners to stimulate the production of housing to meet demand and relieve the burden on families.
Solution StageOne of the 7 stages of an innovation. Learn more
|STAGE||SPECIALIST SKILLS REQUIRED||EXAMPLE ACTIVITIES||RISK LEVEL AND HANDLING||FINANCE REQUIRED||KINDS OF EVIDENCE GENERATED||GOAL|
|Developing and testing3||Mix of design and implementation skills|
|A stronger case with cost and benefit projections developed through practical trials and experiments, involving potential users||Demonstration that the idea works, or evidence to support a reworking of the idea|