The Stoop »
The latest news and analysis from the NYU Furman Center.
-
Research & Policy
Implications and Geography of Office to Housing Conversions
In their “Making New York Work for Everyone” plan, released in January, Mayor Adams and Governor Hochul expressed eagerness to build more housing in New York City’s business districts after COVID. But due to significant financing, zoning, and design challenges in converting office buildings to residential, only select offices make good candidates for conversion, and few offices have actually converted in recent years. This post describes three resources to help inform the conversions debate.
-
Research & Policy
Current GSE Guarantee Fees Are Too Low to Be Consistent with Regulatory Capital: Does This Mean a Large Increase Is Coming?
The average guarantee fee (G-fee) of Freddie Mac and Fannie Mae, the two government-sponsored enterprises (GSEs), who currently finance about half of the nearly $13 trillion of outstanding first-lien single-family mortgages in the country, is among the most closely-watched numbers by housing finance policymakers and the mortgage lending industry. The G-fee level has been strategically steady since it rose to its current range (between 0.45 percent to 0.49 percent) in 2014, after having been purposefully increased by the FHFA and the two GSEs in prior years. Unfortunately, that level began to be called into question by the adoption in 2020 of a new and much higher capital requirement by the FHFA, which in turn seems to require a much higher average G-fee. As such a higher G-fee has not yet been seen, it creates a major policy uncertainty overhanging the mortgage lending system – is a big G-fee increase inevitably coming?
-
Research & Policy
Manufactured Housing Is a Good Source of Unsubsidized Affordable Housing - Except When It’s Not: Key Facts and Figures, and Some Unusual Economics (Part 1)
Manufactured housing (MH), the official name for what have historically been called mobile homes, comprises the most prominent type of factory-built housing in the US. This article aims to take a fresh look at MH to determine just how much it truly can be a large-scale natural source of additional affordable housing, whether owner-occupied or rental, as claimed by its supporters in the industry and policy community. As Part 1 of a three-part series, this article will go over some basic facts and figures about MH.
-
News & Events
Policy Breakfast: The Proposed New York Housing Compact
On Thursday, February 9, 2023, the Furman Center hosted a Policy Breakfast titled The New York Housing Compact: Implications for NYC. The conversation explored Governor Kathy Hochul’s recently released New York Housing Compact, a comprehensive, multi-pronged framework for communities across the state to increase housing supply, with the ambitious goal of building 800,000 new units across the state in the next decade.
-
Research & Policy
Eviction practices across subsidized housing in New York State
In a new NYU Furman Center data brief, Ingrid Gould Ellen, Katherine O’Regan, and Ellie Lochhead used data on eviction cases from the New York State Office of Court Administration (OCA) to compare eviction patterns in different types of place-based subsidized housing in New York City and in other jurisdictions across New York State from 2016 to 2021. Cases filed due to non-payment of rent are the focus of the brief and represent the majority of eviction filings.
