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Market Report

New York Multifamily Market

2Q 2024

Aiming to Alleviate Tight Conditions for Tenants,
New York City Sows Seeds for New Rental Supply

Legislators expand incentives for housing production. In April, lawmakers signed a policy package aimed at bolstering local housing supply. Tax abatements for affordable housing development and rental conversion projects are anticipated to help New York City make ground in narrowing its estimated 500,000-unit housing shortage. A small lift to the maximum rent increase that can be used to recoup improvement expenses may help as well. New legislation also included the extension of completion dates to 2031 for projects approved under the now-defunct 421-a funding program. This action is projected to spur the delivery of over 33,000 units currently facing uncertain futures in the proposal process. If this existing program's heir under the new package, 485-x, is similarly successful, then New York City's housing gap should close even further in the long-term.

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