New York City is currently leading the U.S. in multifamily apartment construction, issuing permits for over 679,000 units since 1980, nearly double that of Los Angeles.
With approximately 26,000 new multifamily permits issued annually in the first half of the 2020s, NYC is surging past previous decades’ averages and addressing housing demand effectively.
While NYC excels in multifamily and office construction, it remains outside the top 20 cities for single-family home building, which contributes to elevated housing prices.
The skyline is dominated by cranes and scaffolding as NYC continues to develop, and while this may slow apartment viewings, the construction is vital for the city's growth.
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