February 10, 2012Triennial Survey Shows Number of Housing Units and Quality of Residential Building Conditions Have Reached Record Highs
Rental Vacancy Rate Has Remained Below the Five Percent Threshold Necessary to Keep Rent Regulation Protections Intact for New York City Residents
Mayor Michael R. Bloomberg and Department of Housing Preservation and Development Commissioner Mathew M. Wambua today released the initial results of the 2011 New York City Housing and Vacancy Survey. The 2011 survey, based on a sample drawn from the 2010 decennial census, reveals a synopsis of the City’s housing market between February and May 2011. The survey found that the citywide net rental vacancy rate was 3.12 percent. The City’s total housing stock rose to more than 3.35 million units – the largest in the 46-year period since the first survey was conducted in 1965. Overall residential building conditions reached their highest ever levels since they were first measured 46 years ago. The survey, conducted every three years, is required by State and City rent-regulation laws to determine New York City’s overall vacancy rate for rental housing. A rental vacancy rate below five percent triggers the declaration of a “housing emergency,” which is necessary for the continuation of rent regulation protections for New York City residents. Every survey since the first one in 1965 has found the rental vacancy rate to be below five percent.
“Once again, the Housing and Vacancy Survey shows that New York City is continuing to grow,” said Mayor Bloomberg. “Right now, we have more housing to meet the demand of our growing population than ever before, thanks to the success of our New Housing Marketplace Plan, which surpassed 128,000 new and preserved units in 2011. But there is more work to do, and this year we will continue working to add thousands of new housing units in all five boroughs.”
“Expanding and strengthening New York City’s housing stock has been a central priority of the Bloomberg Administration’s economic development agenda under the New Housing Marketplace Plan,” Deputy Mayor for Economic Development Robert K. Steel said. “The results of the 2011 Housing and Vacancy Survey are an indicator both of the progress that's been made under the Mayor’s leadership and of the importance of continued investment in affordable housing.”
“The Housing and Vacancy Survey gives us a snapshot of housing availability, affordability and condition,” said HPD Commissioner Wambua. “It is extremely gratifying to know that not only is the New Housing Marketplace Plan playing an important role in contributing to the largest number of housing units on record, but that our renewed efforts to proactively address blighting influences are making a difference, neighborhood to neighborhood and block to block. The 2011 HVS report shows that the quality of residential building conditions is the highest since the first survey in 1965. We have a record of which we and our partners can be proud. The Mayor and the City Council continue to provide exemplary leadership in the production and preservation of quality and affordable housing.”
The survey is conducted by the U.S. Census Bureau at the request of the City of New York every three years. The sample of about 19,000 housing units was drawn from the 2010 decennial census conducted by the U.S. Census Bureau and updated by HPD to include new construction, renovation and conversion. Interviews for the survey were conducted between February and May 2011. Because the current survey sample was drawn from the 2010 census, and thus a different data set, no direct comparisons can be made to previous survey findings.
The 2011 survey shows that the City’s total inventory of residential units rose to 3.35 million. The Mayor’s New Housing Marketplace Plan has contributed affordable units to this total. Since fiscal year 2003, when the Plan began, 30,359 newly constructed rental units have been completed and 45,431 affordable rentals have been preserved as affordable and income restricted. In addition, the City started construction on 10,146 new units that are not yet completed and thus not reflected as rented or available for rent in this report. The survey also reported the highest levels of residential building conditions since such measurements have been taken. Practically all occupied housing units in the City were situated in structurally decent buildings. Of all occupied units only a negligible 0.2 percent were in dilapidated buildings in 2011.
Initial findings of the survey indicate that:
Rental Vacancy Rates
Neighborhood and Housing Conditions
Rental and Ownership Rates
Income and Rent
Full details of the Selected Initial Findings of the 2011 Housing and Vacancy Survey are available at www.nyc.gov. The comprehensive final report on the 2011 survey will be released in 2013 by HPD, which commissioned the independent survey on behalf of the City of New York.