Opinion: Supply-Side Housing Solutions
Manhattan Institute Adjunct Fellow Eric Kober outlines why supply-side housing solutions are the right fix for New York’s housing shortage.
Even as employment grows rapidly, New York City remains stubbornly slow to build new housing.
Annual average wage and salary employment in New York was 4.081 million in 2015 and, preliminarily, 4.379 million in 2018, a 7.3 percent gain. But over roughly the same time period, the city completed only 76,000 new housing units on its 2015 base of about 3.45 million, just a 2.2 percent increase in supply.
This “jobs–housing gap”—rapid gains in employment, while housing grows much more slowly—underpins the city’s continuing crisis.
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