By Richard Murdocco
The following are quick hits of editorial analysis from The Foggiest Idea on the local and regional developmental issues that matter. For more, be sure to LIKE TFI on Facebook.
According to data cultivated from the New York City Department of City Planning, the City’s housing inventory has significantly increased in the period between October 2019 and December 2020. While there were drops in housing supply region-wide during the state-ordered lockdown period last spring, housing availability in the five boroughs sharply rose as the economy reopened.
Source: NYC Planning
The city’s supply increases run counter to the prevalent trends found within surrounding counties, where superheated residential markets have led to inventory levels reaching record-lows. The latest figures highlight the scale of the urban flight that the city has experienced throughout the coronavirus pandemic as residents seek out more space, but experts say that the trends are temporary.
“This is not going to be dramatic, and it’s not going to be a reversal of the trends that have been seen over the past 10 or so years,” Jessie Handbury, Assistant Professor of Real Estate at the Wharton School, said. “Once the businesses are back up and running, and the uncertainty of demand has been resolved, you’ll see the traditional college graduates come in to fill in the ranks behind those families that maybe have accelerated their moves out to the suburbs.”
