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.
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.
Do Housing Choice Voucher Holders Live Near Good Schools?
The Housing Choice Voucher program was created, in part, to help low income households reach a broader range of neighborhoods and schools. This study explores whether low income households use the flexibility provided by vouchers to reach neighborhoods with high performing schools. "Do Housing Choice Voucher holders live near good schools?" was written by Keren Mertens Horn, Ingrid Gould Ellen, and Amy Ellen Schwartz and published in the Journal of Housing Economics in March 2014.
Keren Mertens Horn, Ingrid Gould Ellen, and Amy Ellen Schwartz . Journal of Housing Economics . February 2014.
Quarterly Housing Update: 3rd Quarter 2013
Manhattan sales prices reached a new peak for the second consecutive quarter, according to the NYU Furman Center's 2013 Quarterly Housing Update: 3rd Quarter. Brooklyn saw the largest gains in price appreciation over the previous year at 15 percent, while the Bronx, Manhattan, and Queens showed gains over 10 percent. Citywide, new foreclosure filings rose roughly 15 percent since the same quarter last year.
NYU Furman Center. February 2014.
Give Credit Where Credit Is Due: Overhauling the CRA
The Community Reinvestment Act (CRA) is in need of a major overhaul. Since the CRA was enacted in 1977, and since the last major rewrite of the regulations more than 15 years ago, much about the financial services industry has changed. This chapter discusses why the regulatory system needs to be redesigned to allow for more regular and timely updates, allowing more rapid responses to what is working and what is not. By being more amenable to continuous improvement, the CRA should be more open to innovation and experimentation given the greater opportunity for making midterm corrections. This chapter starts with a brief overview of the CRA and its successes. It then outlines some ways to facilitate more regular updating of the CRA regulations, followed by a review of a number of ways to increase the effectiveness of CRA in helping to stabilize and revitalize low-and moderate-income (LMI) communities.
Mark A. Willis. Where Credit Is Due: Bringing Equity to Credit and Housing after the Market Meltdown (University Press of America, Inc. ) . December 2013.
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