New construction in New York City has become so expensive, the Federal Housing Administration is warning that the city is in danger of running out of affordable housing.
“It is hard to imagine what we would do if we were going to get a serious shortage of homes,” the agency’s acting director, Matthew Kupfer, told reporters Thursday.
“But that is not going to happen.”
“The affordability of our market is a serious problem,” Kupffer said, “and I am concerned about the housing stock that is being built.”
New construction in Manhattan is already so expensive that developers are now asking residents to pay more than $400,000 per square foot for a single-family home, up from $250,000.
And the average price for a two-bedroom apartment in New Jersey is now more than four times the average for Manhattan.
As the cost of housing has skyrocketed, developers are pushing to build more housing, as long as it doesn’t come at the expense of affordable units.
In New York, a new luxury condominium in Crown Heights is priced at $8.2 million and is expected to be completed this year, while two other luxury units are expected to open in the city this year.
But even as builders have been working overtime to build houses that are more affordable, there’s still a shortage of affordable homes in New Yorkers, according to the new report.
As of March, New York has more than 2.6 million people living in rental units, according the Department of Housing and Urban Development, a record high number for any city in the nation.
That number is more than triple the number of people living with no housing at all in the state in 2012, according TOBIS.
More than 60 percent of the rental housing in New Orleans is located in the poorest neighborhoods, while nearly two-thirds of all New Yorkers live in poverty.
Nearly half of all residents in New Hampshire have no income, and nearly two thirds of all renters live in households earning less than $26,000 a year.
In Washington state, which was one of the first states to create its own housing program, more than 60,000 people live in rental housing.
In California, the most populous state in the country, more people live without housing than in any other state.
More homes have been built in the Bay Area, where the average home price is now nearly $1 million, compared to $500,000 for the national average, according ToBIS data.
But the affordability crisis is not just limited to New York.
Across the country the supply of homes is also getting more expensive, as the number and type of houses that can be built has grown dramatically.
In a recent report, ToBis found that the average number of square feet of housing in the United States is now 8.6, down from 9.1 in 2016.
The new figures indicate that the U.S. is in a severe housing shortage, with the average income of the U!
population in 2022 projected to be about $55,000 less than it was in 2014.
According to the Center for American Progress, nearly 3 million people are living in poverty in the U!.
S., and 1.3 million people live with no income.
The report found that over half of people who lived in poverty were white, and half were Latino, with white, black, and Asian people accounting for about 90 percent of those living in these poor communities.
More about housing, housing affordability, housing shortage more headlines from New York city, housing source Fox news