March 5, 2015
New York City’s Department of Housing Preservation and Development (HPD) has released its initial findings of its 2014 Housing and Vacancy Survey. There are some interesting findings about the housing stock, particularly for those of us who follow the NYC housing markets closely:
- There were 1,030,000 rent-stabilized units, which amounted to 47 percent of the housing stock.
- There were 27,000 rent controlled units, which amounted to 1.2 percent of the housing stock.
- The city-wide homeownership rate was 32.5 percent, although the rate varied significantly among the boroughs.
- The rental vacancy rate was 3.45 percent.
- There were 55,000 vacant units that were unavailable because of occasional, seasonal or recreational use.
- The median annual income for all households (renters and owners) was $48,040. The median annual income for renter households was $38,500 and for homeowner households was $75,000.
- The median contract rent-income ratio was 31.2 percent.
There were also some interesting findings about housing and neighborhood conditions:
- “In 2014, housing and neighborhood conditions in the CIty were good.” (8)
- “The proportion of renter-occupied units with five or more of the seven maintenance deficiencies measured by the 2014 HVS remain extremely low; only 4.3 percent” (8)
- “The proportion of renter households that rated the quality of neighborhood residential structures as “good” or “excellent” was very high: 71.7 percent” (8)
Crowding remains a problem in the City, a finding that is unsurprising to all who are familiar with this housing market. The proportion of renter households that were crowded was 12.2 percent.
These numbers should inform numerous debates about housing in NYC, including those relating to rent regulation, foreign ownership of apartments and affordable housing goals, to name a few. It is important that these debates be data driven if we are to arrive at policy choices that are good for New Yorkers and good for the long term health of NYC itself. The whole document is worth a read for those who care about the City’s housing market and its impact on the overall health of the City.| Permalink