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Housing prices to personal income ratios by metro area
Los Angeles
San Jose
Denver
New York
Seattle
Boston
United States average
Dallas
Chicago
Detroit
For many decades, the New York metropolitan area has suffered from an increasing shortage of housing, as housing supply has not met housing demand. As a result, New York City has the highest rents of any city in the United States.[1]
The New York metropolitan area has long-standing exclusionary zoning practices, which were frequently rooted in racism. Restrictive zoning regulations, which prohibited multifamily residential use and affordable housing, were intended to prevent non-whites from moving to white neighborhoods.[2][3]
The housing shortage in New York is driven by a lack of housing supply. Home construction in New York City lags far behind other major American cities.[4] Since 2010, housing supply in New York City has increased by 4% while jobs have increased by 22%.[4] Restrictive zoning regulations are a key contributor to the undersupply of housing, as zoning laws either prohibit or disincentivize anything but single-family housing in much of the metropolitan area.[2][3][5]
In the 2020s, some New York politicians pushed for ambitious plans to increase housing supply in New York by undoing some of the most restrictive zoning regulations and permit mixed-use development in areas previously exclusively for commercial use, allow accessory dwelling units in single-family zones, and allow dense housing construction near public transit stations.[5] These plans faced considerable opposition by politicians from the New York suburbs, in particular, where zoning is most restrictive.[6][5]
^Paris, Martine (July 26, 2022). "These Are the Most Expensive US Cities for Renters, With Some Prices Up 41%". Bloomberg News.
^ ab"The Case Against Restrictive Land Use and Zoning". furmancenter.org. 2022.
^ ab"New York's ideas for zoning reform offer many paths to tackling the housing crisis". Brookings. 2022.
^ ab"New York's Housing Shortage Pushes Up Rents and Homelessness". pew.org. May 25, 2023.
^ abcZaveri, Mihir (October 25, 2023). "New York City Has a Bold Plan to Fix Its Housing Crisis. Will It Work?". The New York Times. ISSN 0362-4331.
^"The governor of New York wants to build 800,000 new homes and it's kicking off a NIMBY war in the suburbs: 'I knew it would not be easy'". Fortune. 2023.
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