New York City needs affordable housing more than ever.
Vacancy rates in low-rent units have dropped to a severe 0.39%. Only about 2,060 new rental units affordable to extremely low-income households were completed in 2024, far short of what is needed for the more than 820,000 households at that level, according to a report from the Coalition For The Homeless.
Long-term homelessness is rising. Between December 2023 and December 2024, the number of New Yorkers in shelters increased from about 65,640 to roughly 73,219, an 11.5% jump. That growth happened even as new arrivals slowed. Most people leaving shelters did so without meaningful support, and only a small share received help relocating…