NYC’s housing supply can’t keep up with its job growth: report
Welcome to New York City, where you may have a job, but not a home.
New York City’s housing market hasn’t kept up with its stellar job growth. That discrepancy is exacerbating displacement and homelessness — most significantly in Brooklyn and Queens — according to newly released data from the Department of City Planning.
The 2019 Geography of Jobs report, published last week, shows that as the number of jobs in the city has increased, there is not enough new housing to keep up with demand. According to the report, New York City had the largest housing production to job growth deficit for the region, which includes the lower Hudson Valley, North New Jersey, Southern Connecticut, Long Island and the New York City metro area.
In layman’s terms: There aren’t enough places for people to live — let alone afford — across the five boroughs.
From 2001 to 2008, the city created 2.2 units of housing per job. But by 2018, that dwindled to a mere 0.5 units created per job, according to the data. Job growth has been most significant in Brooklyn and Queens.