New York City's affordable housing crisis has reached alarming levels, with vacancy rates in low-rent units plummeting to 0.39%. Only 2,060 new rental units for extremely low-income households were completed in 2024, against a demand for over 820,000 households, leading to a marked increase in homelessness. The number of individuals in shelters rose by 11.5% over one year. The supportive housing supply is insufficient with only 786 units built in 2024. Moreover, delays in voucher programs impede access to necessary housing, necessitating an urgent response to meet increasing demands for affordable units.
New York City has the most pressing need for affordable housing, with a severe 0.39% vacancy rate in low-rent units and a substantial shortfall in new units for extremely low-income households.
The crisis in affordable housing is characterized by the rising number of long-term homeless individuals, increasing from approximately 65,640 to about 73,219 in just one year, despite fewer new arrivals.
Supportive housing for people with mental illness or disabilities has seen a significant decline, with only 786 units completed in 2024, highlighting the urgent need for more stable housing options.
To effectively address the housing crisis, at least 12,000 deeply subsidized units must be created annually for five years, along with scaling supportive housing production to reach 15,000 units by 2030.
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