In 2022, RPA estimated that, due to decades of underbuilding, New York State needed to build 817,600 new housing units over ten years—a 9.8% expansion of the state’s housing stock—to accommodate projected population growth, relieve overcrowding, and normalize rental and ownership vacancy rates. This persistent supply shortfall has triggered severe market consequences throughout the metropolitan area:
Surging Home Prices: Since 2015, typical home values have jumped 53% across the New York Metropolitan Area and 57% within New York City. Contracting Inventory: For-sale housing inventory across the broader metropolitan area has been cut in half since 2018. Rising Rents: Since 2015, market-rate rent has increased by 53% in the Metro Area and 49% in NYC.
Bridging New York’s housing deficit without exacerbating suburban sprawl requires facilitating housing development in existing urbanized areas. The FY27 budget reforms to the State Environmental Quality Review Act (SEQRA, Bill S9008-C) established a streamlined regulatory pathway that pairs more rapid housing delivery with open space conservation.