In NYC, New Housing Development Looks Promising
Indicators of new housing development in New York City look promising, according to the 2013 Quarterly Housing Update: 1st Quarter (PDF) released today by NYU’s Furman Center for Real Estate and Urban Policy.
Citywide, the number of units authorized by new residential building permits increased to its highest point since late 2008—a considerable increase over the prior quarter and the previous year. This is the fourth consecutive quarter with more than 2,000 new units approved for development in New York City.
The majority of this potential development—three-quarters of all units—would be concentrated in Queens and Brooklyn.