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NYC Department of Housing Preservation & Development
Press Room

Press Release # 04-05
Friday, May 13, 2005

Press contact: Carol Abrams (212) 863-5176


NYC Department of Housing Preservation and Development (HPD) Commissioner Shaun Donovan today launched a new quarterly publication called the "Housing Snapshot: A Summary of NYC's Housing Market."

"The Housing Snapshot is designed to provide our partners with highlights from HPD's ongoing developments, as well as an overview of trends and current conditions in the housing market in New York City and nationwide," said Commissioner Donovan. "The content will vary from issue to issue, but our intention is to provide an engaging and useful look at our work and the housing market as a whole."

Highlights from the current issue include:

  • The Mayor's "New Housing Marketplace Plan" is on target to achieve its five-year goal of funding the new construction and rehabilitation of 65,000 homes and apartments. Moreover, the Plan is primarily serving New York's low-income families. Of the city-sponsored units completed in calendar year 2004, more than one half are designated for low-income families (defined as households with annual income below 80% of the $62,800 Metropolitan Statistical Area Median Income). The remaining units were split evenly between moderate-income and middle-income households.

  • The number of new units authorized under residential building permits issued in NYC during 2004 was 25,208, the highest since 1972. During 2004, for the first time in recent years, Brooklyn and Queens had the largest share of the new units.

  • NYC and its suburbs continue to have the lowest overall vacancy rates among major U.S. metropolitan areas: 3.3%.

  • A 2004 HPD market study found that at the Metropolitan Statistical Area Median Income of $62,800 for a family of four, apartments were available and affordable for rent in 52 of the 59 Community Districts (affordable at 30% of the Metropolitan Statistical Area income of $62,800 or less).

It is available on HPD's website at

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