Manhattan real estate is in 'crisis' as new construction flatlines, borough president says
Restrictive zoning and building code regulations,and the
— known as 421-a — for developers are among the many reasons for New York City's slow rate of residential construction.Other city and state leaders have also been pushing for more housing as the affordability crisis worsens. New York City Mayor Eric Adams has a plan that aims to build 500,000 new homes by 2032, what he's called a"moonshot" goal. But the cityNew York Gov.
aimed at boosting housing construction that include tax incentives for developers and an effort to allow new housing on state-owned land. It's not just Manhattan that's been building very little housing. The suburbs of New York City have also approved and constructed very few new units in recent years.
The town of Munsey Park in Nassau County on Long Island permitted a total of four new single-family homes between between 2010 and 2021, Politico
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