NYC Affordable Housing Production and Shortage (2020-2024)

Units produced/preserved and rental vacancy rates, government and housing reports

30934.4030934.4020934.4020934.4010934.4010934.40934.40934.40-9065.60-9065.602020202020212021202220222023202320242024
Affordable Housing Units Produced
New Housing Units Created
Extremely Low Income Affordable Units Financed
Vacancy Rate Citywide (%)
Vacancy Rate for Units < $1,100 (%)

Key Insights

  • In 2024, NYC produced 27,620 affordable housing units, nearly 10% above the prior five-year average.

  • 14,145 new housing units were created in 2024, the second highest on record.

  • Vacancy rates are critically low with citywide at 1.41% and extremely low for units under $1,100 at 0.39%, indicating severe shortage.

  • HPD financed a record 2,825 units affordable for extremely low-income households in 2024, 14% more than 2023.

  • Despite rising production, the city continues to face a severe affordable housing shortage driven by low vacancy and high rent burdens.

  • In the New York-Newark-Jersey City Metro area, there is a deficit of 618,579 affordable and available rental units for extremely low-income households.

  • 73% of extremely low-income renter households in the NYC Metro are severely cost-burdened, spending over half their income on housing.

Sources

  • 2025 NYC Housing Tracker Report - New York Housing Conference Open
  • NYC's Housing Hardship: 2025 Communities Speak Survey Open
  • National Low Income Housing Coalition Open
  • 2025 NYC Housing Tracker Report - New York Housing Conference Open
  • NYC's Housing Hardship: Evidence from the 2025 Communities Speak Survey Open
  • 2025 NYC Housing Tracker Report Open
  • National Low Income Housing Coalition - Gap Report: New York Open
  • NYC's Housing Hardship: Evidence from the 2025 Communities Speak Survey Open

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