A recently released study from the New York City Department of Housing Preservation and Development confirms that the demand for housing in the city is outpacing supply and, as a result, rents are climbing. Notably, 2023 saw the city’s lowest rental vacancy rate since 1968, with affordable units being especially scarce. In response to this crisis, NYC Mayor Eric Adams has announced his support for development incentives, office-to-residential conversions and relaxed zoning requirements to spur new housing construction. –– Forbes
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