New York City's Housing Crisis: A Breaking Point

New York City’s housing market is facing historic challenges. The citywide rental vacancy rate has dropped to about 1.4 percent, the lowest it has been in over fifty years. With so few apartments on the market, asking rents have risen much faster than wages. Most renters now spend over 30 percent of their income on housing, a figure that has long defined affordability.

This pressure is evident throughout the city. Eviction filings are climbing back toward pre-pandemic numbers. The Right-to-Counsel program, which aims to provide free legal help to tenants, can fully assist only about 40 percent of those facing eviction. Homeless shelters are full, and the number of unsheltered New Yorkers is increasing.

Government actions are in progress but slow. The state’s latest budget includes tax incentives for new construction and for converting empty offices into apartments. Meanwhile, city officials are working on zoning changes to allow for more housing density. While these measures are necessary, it will take years for new units to be available, leaving current renters without immediate help.

The Urban Builders Coalition helps keep these issues in front of policymakers and the public. By sharing data, organizing community discussions, and advocating for stronger tenant protections and more affordable housing, we aim to prevent homelessness and stabilize neighborhoods. Our focus is on practical steps, such as simplifying permitting, preserving existing rent-stabilized units, and funding for supportive housing, to bridge the gap between need and supply.

As the mayoral election approaches this November, uncertainty looms over how housing policy will evolve. Candidates have proposed a range of solutions, but without clarity on which policies will gain traction, developers, tenants, and community organizations are left navigating a fragile market in limbo. The outcome will shape not just long-term planning, but also the immediate strategies needed to protect renters today.

Without quicker action, the situation will worsen: rents will rise, evictions will increase, and inequality will deepen. Tackling this crisis needs ongoing commitment from city and state leaders, private developers, and community organizations. The Urban Builders Coalition will keep pushing for policies that ensure housing is a basic right instead of an uncertain privilege, so New York can remain a livable city for everyone.