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The number of housing units created in New York City this year is expected to drop more than 75 percent from 30,000 last year (and the prior four years) to just 6,300 this year, according to the New York Building Congress, though building spending across all sectors should decline by only 20 percent or so. It’s a declining construction market, the NYBC’s president Richard T. Anderson told The Times, but not as much as we anticipated. The report also claims that the construction bear market has bottomed, but developers don’t necessarily agree. They’re way too exuberant, the developer Douglas Durst said, adding that vacancy rates continue to fall and rents are still dropping. Meanwhile, DOB reported that 460 residential projects have been put on hold—and that third of them are in Brooklyn.
Sharp Drop in Building Residences in the City [NY Times]
Photo by hunter.gatherer


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  1. quote:
    would you be able to live in a space that small with a dog? and more importantly, would you really be ok with poo mist that close to the kitchen? heh

    yeah cuz my first apartment on the LES i subletted for 4 years in a tenenment walkup. tiny kitchen with tub, and then my living area (the bedroom) was 6 x 7 feet. so yeah me and my dog could live in 10×10 easily. i had no access to the living room in that apartment because the woman i subletted from was a hoarder and hoarded all her stuff in there even tho she didnt live there.

    *rob*

  2. Rob, this trend has already begun. It will have to take hold gradually as furniture and other household items are designed for smaller spaces. But now you see builders in places like Orange County that are building >500 SF 1BR’s and in the process breaking all kinds of soft ‘design rules’ that have been accepted for decades.
    The problem was the condo boom around here didn’t help this trend. If NYC would ever remove the rent restrictions we might actually see a building boom in affordable rental apartment buildings.

  3. “They’re way too exuberant”

    From a major developer. You better listen.

    “I am confused…”

    DIBS does that. Yes, “stoke the fires of higher prices in the not too distant future” = “shoot back up”. But not in this Greater Depression.

    ***Bill Thompson for Mayor***

  4. Apparently there is a “hotel” of apartment units right next to my office building here on 55th Street. these are not “capsule” units but big, spacious apoartments that rent by the day/week/month.

    There should be a market for capsule units just like there should be a market for cheap hotels.

    I bet the real estate taxes, insurance & unions prohibit the profitability of something of that soret. certainly all the onerous regulations and licensing issues make it very difficult.

  5. people need to start making mini condos for people who dont need a lot of space. im talking like, a single room, maybe 10×10 with a bathroom/kitchen that’s like 2×3. so 100 feet plus 6. like 106 square feet, then charge 300 dollars per square foot and finally things will be nice and affordable. someone asked me what i think affordable is in a thread the other day or yesterday, and this is what i mean 300 x 106. about 30,000 dollars. would be perfect, and these little mini units for people who aren’t materialistic pigs or breeders would fly off the shelves like HOTCAKES! but noOoOOoOOoO we live in a society now where every single butt hole NEEDS it’s own poop drain. F that.

    *rob*

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