The housing shortage has pushed New York City rents to new heights. But a new analysis finds plenty of neighborhoods are ripe for new development — including the Upper East Side.
New York City’s housing crisis has gone on for so long, it’s easy to forget how straightforwardly it could all be solved. Rapidly rising market rents aren’t a force of nature. When prices rise, we understand that supply hasn’t kept up with demand. When supply fails to catch up to demand over the long term, it often indicates the government’s heavy hand is standing in the way.
In New York City, housing demand has outstripped supply for six decades. What happened in the 1960s that changed everything?
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Eric Kober is an adjunct fellow at the Manhattan Institute. He retired in 2017 as director of housing, economic and infrastructure planning at the New York City Department of City Planning. Follow him on Twitter here.
This piece originally appeared in Bloomberg CityLab