Some good news for New York City’s real estate recovery: the city approved more building permits in the first quarter of 2013 than any quarter since late 2008, according to data compiled by NYU’s Furman Center for Real Estate and Urban Policy. A total of 3,805 units were approved from January through March, with 2,990 of those permits in Brooklyn and Queens (which, interestingly, saw more permits approved than the trendier borough to the south).
The bad news for renters and would-be home buyers: the increase won’t even come close to meeting demand. According to census data released last Thursday, New York City added a whopping 147,000 people between 2000 and 2012—nearly as many as the increase between 2000 and 2010, when the city added 178,000 bodies (though this number was controversial, with some claiming that it undercounted immigrant neighborhoods and areas with lots of new construction). Read More