Is the new plan for building more homes in NY going to bring back affordability for the working class? That's the plan it seems, to bring new builds to every neighborhood in the region.
However, when those homes are built how can it be certain they will end up with the end users who need them? There is no certainty. There is no guarantee that this will bring back affordability, it might be grossly underestimating the demand that there is.
Will 100k homes be enough to satisfy the demand?
Previously some reports have suggested that NY is facing one of the worst affordability situations when it comes to housing.
Some reports say it is somewhere around 4 million homes that the U.S. is short to try and get caught up to the demand and need for affordability.
New York is one of the most desirable places to live in the world and those who are working are competing with millionaires around the world who might desire a property there. So again, will 100k be enough? The thousands of new homes might not even come close to solving the problem and bringing any significant change in affordability to housing.
How much is inflation playing a role here as well? That seems to be ignored and the entire problem always blamed on a supply and demand issue. Still we see some of the highest inflation in rent/housing prices and food. Maybe we should be discussing the deterioration of fiat just as much as we bring up the shortage of supply.