Publications
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Quarterly Housing Update 2013: 1st Quarter
Indicators of new housing development look promising, according to the Furman Center’s New York City 2013 Quarterly Housing Update: 1st Quarter. Citywide, the number of units authorized by new residential building permits increased to its highest point since late 2008. This is the fourth consecutive quarter with more than 2,000 new units approved for development in New York City.
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Quarterly Housing Update: 1st Quarter 2015
Housing prices increased over seven percent citywide compared to the same quarter of the previous year, according to the Furman Center’s New York City 2015 Quarterly Housing Update: 1st Quarter, with prices in Brooklyn surpassing the peak level set before the Great Recession. The number of residential home sales increased by five percent citywide compared to the same quarter in 2014. Developers received approval to build nearly 6,000 new housing units in New York City, with projects in Brooklyn accounting for nearly all the growth in new development activity. The number of properties receiving notices of foreclosure was nearly 11 percent lower than it was during the same quarter in 2014. Read the full report.
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Quarterly Housing Update: 2nd Quarter 2013
Manhattan sales prices have surpassed their pre-recession peak, according to the Furman Center’s New York City 2013 Quarterly Housing Update: 2nd Quarter. But, despite the rise in residential sales prices and volume, foreclosure filings across New York City have continued to grow.
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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.
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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.
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Quarterly Housing Update: 3rd Quarter 2014
The number of units authorized by new residential building permits continued to rise in during third quarter of 2014, according to the Furman Center’s New York City 2014 Quarterly Housing Update: 3rd Quarter, with Brooklyn experiencing the strongest growth. The number of residential properties sold in the third quarter of 2014 also increased citywide versus the same quarter in the previous year, most notably in Staten Island. Residential housing prices rose by over seven percent in the city overall, and the number of new residential foreclosure filings fell by more than 20 percent in each borough. Read the full report.
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Quarterly Housing Update: 4th Quarter 2014
The number of properties receiving notices of foreclosure was 25 percent lower in the fourth quarter of 2014 than in the same quarter in 2013, according to the Furman Center’s New York City 2014 Quarterly Housing Update: 4th Quarter. Compared to the fourth quarter of 2013, the number of residential sales declined about two percent citywide, and housing prices increased over six percent citywide. Residential building permit rates varied across the boroughs: more units were authorized in the fourth quarter of 2014 than in the same quarter of the previous year in Manhattan, Queens and Staten Island, but the Bronx and Brooklyn saw sizable declines. Read the full report.
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Revitalizing Inner City Neighborhoods: New York City’s Ten Year Plan For Housing
This article examines the impact of Mayor Koch’s $5.1 billion, 10-year plan for housing on the sale prices of homes in surrounding neighborhoods. The paper finds that properties in the immediate vicinity of homes newly built or renovated through the 10-year plan rose in value relative to comparable properties further away, suggesting the housing investments helped to spur revitalization in the distressed neighborhoods targeted.
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Selling the Debt: Properties Affected by the Sale of New York City Tax Liens
This data brief sheds light on the process of tax lien sales in New York City, which affected over 15,000 properties and roughly 43,600 residential units between 2010 and 2015.
It finds that most tax liens in New York City eligible for sale are sold and generate substantial revenue for the city; between 1997 and 2015, the city raised more than $1.3 billion from the sale of tax liens. However, the city also has the power to remove liens eligible for sale from the lien sale list. The report also describes the characteristics of properties with liens sold in New York City between 2010 and 2015, including the property type, their location, and the outcome following the lien sale.
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Shifting the Burden
Some of New York City’s most valuable properties in its highest-cost neighborhoods are significantly and persistently undervalued, according to Shifting the Burden. The report identifies 50 individual co-ops in 46 buildings that were sold in 2012 for more than the New York City Department of Finance’s estimate of the market value of the entire building. This undervaluation has significant consequences for the distribution of tax burdens in New York City.