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The "Building Boom" Myth | Congress for the New Urbanism

The "Building Boom" Myth

MLewyn's picture

One common argument against new infill development is "my city has already experienced a building boom, and rents keep going up."  But in New York City, one of the nation's most expensive cities, this claim is built on false assumptions.  A recent study by the Citizens Budget Commission shows that New York has experienced lower growth in housing supply than all but 3 of 22 cities surveyed- and 2 of the 3 (Detroit and Chicago) lost population over the past decade.  Moreover, the city's vacancy rate is only 3.6 percent, less than half the national average of 7.4 percent.

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