The New York Housing Conference testified before the New York City Council Housing and Buildings Committee this week on the 2023 Housing and Vacancy Survey.

The HVS clearly shows that NYC continues to face a housing emergency that warrants the continuation of rent stabilization laws. It also highlights the urgency of meeting a growing need for additional housing supply and calls for solutions to alarming rent burdens shouldered by low income renters who would greatly benefit from access to affordable homes and/or rental assistance.

The HVS survey revealed an alarmingly low 1.4% vacancy rate for rentals in 2023 – the lowest since 1968. Even though there was a net increase of about 61,000 units since 2021, the market remained extremely tight due to the long-term housing shortage and increased demand. Since 2021, the city added 275,000 new households.

The scale of the housing affordability crisis is staggering. One change will not be enough. We must enact
multiple changes at different levels of government it we are to truly address the crisis.

Read the testimony here.