RPA – housing production is lower now than before the Great Recession
Housing production across New York, New Jersey, and Connecticut remains lower than it was prior to the Great Recession, according to a report by the Regional Plan Association (RPA).
It found that building permits for housing units were down 7.5% during 2010-2022 (when 684,000 units were permitted) compared to 1997-2009 (when 741,000 units were permitted). Despite fewer homes being built, the population has increased faster since 2009, and these households are increasingly cost burdened by rents and mortgages.
The report also highlights a steep decline of mid-size (2-4 units) housing development as a major shortcoming. “The decline of mid-sized buildings partly explains the housing gap between the two time periods.” Read the full report here.