Quarterly Housing Update: 2nd Quarter 2014
In the second quarter of 2014, total notices of foreclosure decreased in all boroughs, with a citywide drop of 17.1 percent, according to the NYU Furman Center’s 2014 Quarterly Housing Update: 2nd Quarter. Initial foreclosure filings fell nearly 35 percent citywide making this the second quarter in a row with year-over-year decreases in initial foreclosures. The report also found that residential property prices in New York City increased by 8 percent compared to the same quarter in 2013, with a 12.1 increase in Manhattan and an 11.2 increase in Brooklyn. See press release or read the full report.
NYU Furman Center. September 2014.
Preserving History or Hindering Growth? The Heterogeneous Effects of Historic Districts on Local Housing Markets in New York City
Historic district designation has long been a topic of considerable debate. A report from NYU Furman Center researchers released by the National Bureau of Economic Research provides new evidence to inform one aspect of this discussion—the effect that historic district designation has on housing. The report considers how designation of historic districts in New York City affects property values both within district boundaries and in the buffer areas just outside district boundaries, and explores how these effects vary across neighborhoods. Read the full report, the research brief, or view the press release.
Vicki Been, Ingrid Gould Ellen, Michael Gedal, Edward Glaeser, Brian J. McCabe. September 2014.
Compact Units: Demand and Challenges
This research brief explores the potential that smaller housing units offer in meeting evolving housing needs and the regulatory barriers that inhibit their construction. The brief and the accompanying white paper, Responding to Changing Households: Regulatory Challenges for Micro-Units and Accessory Dwelling Units, focuses on five U.S. urban areas (New York, Washington D.C., Austin, Denver, and Seattle), and outlines the regulatory, financial, and political barriers that impede the development of smaller, denser housing types, such as micro-units and accessory dwelling units. Read the white paper (PDF) or view the press release.
NYU Furman Center. August 2014.
Responding to Changing Households: Regulatory Challenges for Micro-Units and Accessory Dwelling Units
In many areas of the country, the existing stock of rental housing falls significantly short of the need, both in terms of affordability and the sizes and configurations of available housing matching the needs of prospective tenants. In response to these and other concerns, a number of jurisdictions have revised their regulations to permit the development of more compact rental housing units, including both accessory dwelling units (ADUs) and micro-units.This paper provides a detailed analysis of the regulatory and other challenges to developing both ADUs and micro-units, focusing on five cities: New York; Washington, D.C.; Austin; Denver; and Seattle. This research was conducted as part of the What Works Collaborative. For more, see the accompanying research brief, Compact Units: Demand and Challenges; download a zip file with city-level data; or view the press release.
Vicki Been, Benjamin Gross, John Infranca. August 2014.
Quarterly Housing Update: 1st Quarter 2014
Citywide housing prices increased by over 17 percent overall compared to the first quarter of 2013, according to the NYU Furman Center’s New York City 2014 Quarterly Housing Update: 1st Quarter. Brooklyn saw an increase of nearly 25 percent, while residential property in Manhattan reached a new peak, having increased by nine percent since the previous peak set in Q4 of 2007. See the press release or read the full report.
NYU Furman Center. August 2014.
Quarterly Housing Update: 4th Quarter 2013
Citywide sales volume in the fourth quarter of 2013 was 19 percent higher than in the same quarter in 2012, according to the NYU Furman Center’s New York City 2013 Quarterly Housing Update: 4th Quarter. Overall, residential housing prices in the fourth quarter of 2013 were stable compared to the previous quarter and up almost nine percent from the fourth quarter of 2012. The number of residential units authorized by new building permits in the fourth quarter increased in each borough compared to the previous quarter and the same quarter in 2012.
NYU Furman Center. August 2014.
The Price of Resilience: Can Multifamily Housing Afford to Adapt?
This report explores the challenges of retrofitting New York City’s existing multifamily rental buildings to be more resilient to future storms. After summarizing our key findings, we provide background about the current regulatory requirements existing building owners who wish to retrofit must navigate. We then discuss the results of a design workshop the Furman Center convened in January 2014 with the help of our partners at the New York Chapter of the American Institute of Architects (AIANY) and Enterprise Community Partners.
Kevin Findlan, Vrunda Vaghela, Max Weselcouch, Jessica Yager. July 2014.
Will They Stay or Will They Go: Predicting Subsidized Housing Opt-outs
Over the past 30 years, the share of renters in the United States spending over 30% of their income on rent, and thereby qualifying as rent burdened, has increased. This trend has particularly affected low-income families. At the same time, owners of thousands of privately owned, publicly subsidized rental housing units have left, or “opted out,” of subsidy programs across the country. The efforts of local governments to preserve these properties as affordable housing are handicapped by a lack of understanding of the underlying factors that drive owners’ decisions to opt out. This paper employs a unique dataset on subsidized properties in New York City and uses hazard models to explore why property owners in the Mitchell-Lama program, a New York State affordable housing program, choose to opt out. Our results suggest that properties located in neighborhoods with high property value growth, those with for-profit owners, and those past the affordability restrictions on all subsidies, are more likely to opt out. While our study focuses on Mitchell-Lama properties, the findings have broader implications for properties around the country that receive supply-side rental subsidies.
Jaclene Begley, Vincent Reina. Journal of Housing Economics . June 2014.
Profile of Rent-Stabilized Units and Tenants in New York City
In 2011, rent stabilized units comprised nearly one million units of housing in New York City--roughly 45 percent the city's rental housing stock. This Fact Brief details the socioeconomic and demographic characteristics of the tenants who live in NYC's stabilized housing. It is an update to a 2012 Furman Center brief, Rent Stabilization in New York City. It has been slightly expanded and re-released to inform the ongoing discussions about rent stabilization in New York City in advance of the June 23, 2014 Rent Guidelines Board vote to set the allowable increase for 2015 lease renewals.
NYU Furman Center. June 2014.
Unlocking the Right to Build: Designing a More Flexible System for Transferring Development Rights
A new report by the NYU Furman Center details the untapped potential for NYC’s transferable air rights program, a critical tool for high-density housing development in New York City. Using case study examples, the report outlines limitations to the city’s current TDR policies and suggests a policy approach that could unlock millions of square feet of unused air rights to help produce more affordable housing.
Vicki Been, John Infrance, Josiah Madar, Jessica Yager. March 2014.
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