Introduction to NYC’s Record-Breaking Housing Completion
Long Island City-Hunters Point in Queens had the most completed units among all New York City neighborhoods in 2024.
Photo via Getty Images
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Approximately 33,974 new homes were built in new buildings across New York City in 2024, according to the New York City Department of City Planning’s (DHS) Housing Database.
Record-Breaking Numbers
This number, announced by DHS Director Dan Garodnick, marked the highest amount of completed units in a single year in New York City since 1965. One of the main contributing factors to this large number was the high volume of building permits submitted right before the expiration of the previous 421-a tax abatement program, which ended on June 15, 2022. Many of those submitted permits that were approved had the construction of the buildings finished in 2024.
Borough Breakdown
Brooklyn had the most completed units among the five boroughs, with 13,732. Queens was a distant second, with 8,061 completed units, followed by the Bronx, 6,526; Manhattan, 4,841; and Staten Island, 814.
While Brooklyn had the most units completed among the boroughs, Long Island City–Hunters Point in Queens had the most units completed among all New York City neighborhoods, at 1,859. Two projects in Hunter’s Point South factored into the vast majority of these completed units, accounting for 1,386 of the 1,859 in the neighborhood.
Permit Trends
Despite the highest number of completed homes in New York City in nearly 50 years, the number of new homes to receive permits went down, from 16,428 in 2023 to 15,626 in 2024. This marked the lowest number since 2016. While 80%-90% of permitted jobs are usually completed in less than four years, limits on the construction sector capacity and high interest rates could lead to many projects taking longer.
The most permitted units were in Brooklyn, at 6,592. Queens and the Bronx were neck and neck with each other, at 3,240 and 3,125, respectively. Manhattan had 2,347 permitted units and Staten Island had 328.
Neighborhood Permit Trends
Spring Creek-Starrett City in Brooklyn accounted for the most permits among the New York City neighborhoods in 2024, with 1,664. Two planned developments on Inspiration Lane make up 846 of them.
One trend that did continue was the pre-existing geographic disparities in housing production across the city’s 59 community districts. Ten community districts in New York City permitted as much housing as the other 49 combined. Less than 100 homes were permitted in 19 of the community districts. Even with the historic high in completed homes, 13 community districts with less than 200 homes were still completed.
Future Developments
DCP is hopeful that the “City of Yes for Housing Opportunity,” which passed in December 2024, can help the city change these trends and bring growth to equitable housing in New York City. The City of Yes Housing Opportunity calls for the creation of 80,000 new homes in the city across the next 15 years and the investment of $5 billion in critical infrastructure updates and housing.
“2024 was a banner year for housing production in New York, but we can’t rest on our laurels. That’s why the historic passage of City of Yes was so important and why we’ll keep working to deliver the housing that New Yorkers need,” Garodnick said. “This updated, detailed data illustrates the progress we are making towards accomplishing our housing goals and the work that remains to build a fairer, more affordable city.”
Conclusion
The record-breaking number of new homes completed in NYC in 2024 is a significant step towards addressing the city’s housing needs. However, there is still much work to be done to ensure that housing production is equitable and accessible to all. The implementation of the City of Yes for Housing Opportunity plan will be crucial in achieving this goal.
FAQs
Q: How many new homes were completed in NYC in 2024?
A: Approximately 33,974 new homes were completed in NYC in 2024.
Q: Which borough had the most completed units?
A: Brooklyn had the most completed units, with 13,732.
Q: What is the City of Yes for Housing Opportunity plan?
A: The City of Yes for Housing Opportunity plan aims to create 80,000 new homes in NYC over the next 15 years and invest $5 billion in critical infrastructure updates and housing.
Q: Why did the number of new homes receiving permits go down in 2024?
A: The number of new homes receiving permits went down due to limits on the construction sector capacity and high interest rates.
Q: Which neighborhood had the most permitted units in 2024?
A: Spring Creek-Starrett City in Brooklyn had the most permitted units, with 1,664.
