In his first year as New York City’s mayor, Eric Adams released a plan to build 500,000 new housing units in the city by the end of the decade. But thanks to inaction from both state and local lawmakers, the city continues to underperform on housing production. Last year, developers filed applications to build just 285 multifamily buildings containing fewer than 10,000 new units in total. In a city of 8.5 million people, those amounts are a drop in the bucket, barely 1/5 the number of new units needed annually to reach the mayor’s stated goal. – Bisnow
