![]() Transit stations include stops for the subway, ferry, Long Island Rail Road and Metro-North train lines. We identified underutilized lots using the Department of City Planning’s PLUTO dataset. But please, don’t let people tell you we can’t build the homes New Yorkers need because we’ve run out of room or because it would ruin the city’s character. These challenges can and should be addressed. There are many reasons it is so difficult to build new housing in New York City - including zoning, the under-taxation of vacant and underutilized land, the continuing rise of construction costs, the elimination of important tax incentives, and intense and often misguided anti-development sentiments. Our City Council and State Legislature need to support a significant expansion of housing supply for the city or otherwise answer for our housing and homelessness crisis. Kathy Hochul have proposed ambitious plans to build hundreds of thousands of new housing units, but they have faced stiff opposition. Several political, legal and economic impediments stand in the way of addressing New York City’s housing crisis. It is a great city because it provides people with the opportunity to build better lives.” As Binyamin Appelbaum of The Times argues in his analysis of New York’s housing crisis: “New York is not a great city because of its buildings. This resistance to change is more than just the usual grumbling from opinionated New Yorkers it has become a significant obstacle, and it threatens to stifle the vitality of this great city. Given the enormity of the crisis, such measures would all be drops in the bucket, leading many to worry that if we were to actually build the hundreds of thousands of homes New Yorkers need, we would end up transforming the city into an unrecognizable forest of skyscrapers. Some New Yorkers harbor fantasies that instead of building more, we can meet our housing needs through more rent control, against the advice of most economists, or by banning pieds-à-terre or by converting all vacant office towers into residential buildings, despite the expense and complexity. There are many reasons homes in the city are so expensive, but at the root of it all, even after the pandemic, is supply and demand: Insufficient housing in our desirable city means more competition - and therefore sky-high prices - for the few new homes that trickle onto the market. The average New Yorker now spends 34 percent of pre-tax income on rent, up from just 20 percent in 1965.
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