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|  Housing and Vacancy Survey
HPD
RELEASES REVISED INITIAL FINDINGS OF 2008 NEW YORK CITY HOUSING AND VACANCY
SURVEY
Rental Vacancy Rate Still Remains Less than the Five Percent Threshold Necessary to Keep Rent Regulation Protections Intact for New York City Residents The New York City Department of Housing Preservation and Development (HPD) today released revised initial results of the 2008 New York City Housing and Vacancy Survey (HVS). The revised 2008 HVS data arose from the US Census Bureau’s correction of erroneous base weights applied to some sample units. Though the resulting changes had little to no meaningful effect on the survey’s technical or policy-related findings, it was important to revise the initial findings to preserve its accuracy for use in comparisons with past and future data. The revised data from the 2008 survey, which reveals a synopsis of the City’s housing market between February and June 2008, found that the citywide net rental vacancy rate was 2.91 percent – not 2.88 percent as originally reported – down from 3.09 percent in 2005. The City’s total housing stock rose to more than 3.33 million units – the largest in the 43-year period since the first survey was conducted in 1965 – and all five boroughs saw an increase in housing. New Yorkers’ satisfaction with their neighborhoods and overall building conditions reached their highest ever levels since they were first measured, 30 years ago and 43 years ago, respectively. The survey, conducted by the U.S. Census Bureau at the request of the City of New York every three years, is required by State and City rent regulation laws to determine New York City’s overall vacancy rate for rental housing. A rental vacancy rate below five percent triggers the declaration of a “housing emergency,” which is necessary for the continuation of rent regulation protections for New York City residents. Every survey since the first one in 1965 has found the rental vacancy rate to be below five percent. The survey draws its sample of roughly 21,000 housing units from the 2000 decennial census conducted by the U.S. Census Bureau and updated by HPD to include new construction, conversion and alteration. Interviews for the survey were conducted between February and June, 2008. In addition to restating the rental vacancy rate, the revised initial findings also restated the number of rent stabilized units lost in the three years since the last survey. The new data shows a loss of 20,430; though, under the New Housing Marketplace Plan, the City started construction or renovation of 46,196 affordable units (16,869 homeownership units and 29,327 rental units) during that time, most of which will fall under rent regulation once completed. Rental and ownership rates were also affected by the revised weighting. From 2005 to 2008, the number of rent stabilized units in buildings constructed before 1947 fell by 30,000, or 4.0 percent, rather than 22,000, or 2.9 percent, as originally reported. The initial data also undercounted the increase in rent stabilized units in buildings constructed after 1947. The correct increase was 9,000, not 5,000. This resulted in a net loss of 20,000 units (numbers do not add up exactly because of rounding). The median income of renter households in 2007 was also adjusted from $36,000 to $36,200, an increase of 13.1 percent from 2004, meaning that real income rose by 2.0 percent in the three years examined. The 2005 to 2008 increase in median gross rents, which include the cost of fuel and utilities, was also restated as a real dollar increase of 4.4 percent, rather than 4.2 percent, as originally stated. In addition, the number of people in 2008 applying more than 50 percent of their income for contract rent was adjusted slightly from 25.8 percent (the same as in 2005) to 25.9 percent in 2008. Full details of the 2008 Housing and Vacancy Survey revised initial findings are available on HPD’s website at www.nyc.gov/hpd. The comprehensive final report on the 2008 survey will be released in 2010 by HPD, which commissioned the independent survey on behalf of the City of New York. The NYC Department of Housing Preservation and Development (HPD) HPD’s mission is to promote quality housing and viable neighborhoods for New Yorkers. It is the nation's largest municipal housing preservation and development agency. Responsible for implementing Mayor Bloomberg's New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing, HPD also actively promotes the preservation of affordable housing through education, outreach, loan programs and enforcement of housing quality standards. For more information visit www.nyc.gov/hpd. # # # MAYOR BLOOMBERG RELEASES INITIAL FINDINGS OF 2008 NEW YORK CITY HOUSING AND VACANCY SURVEY Triennial Study Shows That New York City’s
Total Housing Rental Vacancy Rate Has Remained Less than the Five Percent Threshold Necessary to Keep Rent Regulation Protections Intact for New York City Residents Mayor Michael R. Bloomberg, Deputy Mayor for Economic Development Robert C. Lieber and Department of Housing Preservation and Development (HPD) Acting Commissioner Marc Jahr today released the initial results of the 2008 New York City Housing and Vacancy Survey. The 2008 survey, which reveals a synopsis of the City’s housing market between February and June 2008, found that the citywide net rental vacancy rate was 2.88 percent, down from 3.09 percent in 2005. The City’s total housing stock rose to more than 3.33 million units – the largest in the 43-year period since the first survey was conducted in 1965 – and all five boroughs saw an increase in housing. New Yorkers’ satisfaction with their neighborhoods and overall building conditions reached their highest ever levels since they were first measured, 30 years ago and 43 years ago, respectively. The survey, conducted every three years, is required by State and City rent-regulation laws to determine New York City’s overall vacancy rate for rental housing. A rental vacancy rate below five percent triggers the declaration of a “housing emergency,” which is necessary for the continuation of rent regulation protections for New York City residents. Every survey since the first one in 1965 has found the rental vacancy rate to be below five percent. “New York City’s housing stock grew more in the past three years than at any point since the City began conducting this survey more than forty years ago,” said Mayor Bloomberg. “As a result, we have more housing to meet the demand of our growing population than ever before. At the same time, the fact that New York City’s rental vacancy rate remains below five percent shows the pressure on our housing market and it will trigger the continuation of the City’s rent protections. The survey also indicates that New Yorkers are reporting the highest levels of satisfaction with their neighborhoods and buildings, the latest example that the investments we are making in all five boroughs continue to pay off.” “The Housing and Vacancy Survey gives us a snapshot of housing availability, affordability and condition,” said Acting HPD Commissioner Jahr. “It is extremely gratifying to know that the New Housing Marketplace Plan has played an important role in contributing to the largest number of housing units on record. The fact that every borough shared in the growth is noteworthy, as is the report that neighborhood conditions and the quality of our housing stock in general is at an all-time high. The Mayor and the City Council, along with our for-profit and non-profit partners, are to be commended for their commitment to quality and affordable housing.” The survey is conducted by the U.S. Census Bureau at the request of the City of New York every three years. It draws its sample of roughly 18,000 housing units from the 2000 decennial census conducted by the U.S. Census Bureau and updated to include new construction, renovation and conversion. Interviews for the survey were conducted between February and June, 2008. The 2008 survey shows that between 2005 and 2008 the City’s total inventory of residential units increased by nearly 68,000 to 3.33 million. Within that period, more than 13,000 income-targeted rental units – equivalent to nearly 20 percent of the net increase – were produced through the City’s $7.1 billion New Housing Marketplace Plan. The City started construction on thousands of new units that are not reflected in this report. While the survey shows that the number of rent stabilized units fell by 16,838, under the New Housing Marketplace Plan, the City started construction or renovation of 46,196 affordable units (16,869 homeownership units and 29,327 rental units), most of which will fall under rent regulation once completed. Residents reported the highest levels of neighborhood satisfaction, neighborhood conditions and building conditions since such measurements have been taken. The proportion of renter households near buildings with broken or boarded-up windows on the same street fell to 5.1 percent in 2008 from 6.3 percent in 2005 and 8.6 percent in 2002. Nearly 72 percent of renter households rated the quality of their neighborhood buildings as “good” or “excellent.” Full details of the 2008 Housing and Vacancy Survey initial findings are available on HPD’s website at Selected Initial Findings of the 2008 New York City Housing and Vacancy Survey (PDF). The comprehensive final report on the 2008 survey will be released in 2010 by HPD, which commissioned the independent survey on behalf of the City of New York. Raw data and tables of data by occupancy and rent regulation/ownership status are available at http://www.census.gov/hhes/www/housing/nychvs/nychvs.html
Initial Findings of the 2005 Housing and Vacancy Survey are available at: Final Report on 2005 New York City Housing and Vacancy Survey, November 2008 HPD released the final comprehensive report on the 2005 New York City Housing and Vacancy Survey (HVS). The 668-page report, Housing New York City 2005 , by Dr. Moon Wha Lee, analyzes extensively the City’s major housing issues, involving the City’s residential population, households, housing stock and neighborhoods: 326 tables and 88 figures present detailed data on the population, race and ethnicity, household composition and types, immigration, crowding and doubling-up, incomes, poverty, education, employment, homeownership, vacancies and vacancy rates, rent levels, affordability, housing quality and neighborhood conditions. Thirty-one maps show local concentrations of population and housing characteristics. In addition, 29 tables show detailed data for each of the 55 sub-borough areas, similar to Community Districts. The Report is accompanied by a color wall map of the city showing Community Districts, Sub-Borough Areas and census tracts. The Report is useful to policy analysts, planners, scholars and researchers, real estate analysts and developers, service providers, government agencies and community groups. The Executive Summary, Overview, Table of Contents, Lists of Tables, Figures and Maps of Housing New York City 2005 are at:
The complete Final Report, Housing New York City 2005, is available at the City Store in either CD-ROM or book form. The color wall map is also available showing NYC Community Districts, Sub-Borough Areas and census tracts. Click here to visit CityStore Initial Findings of the 2002 Housing and Vacancy Survey, February 7, 2003. Final Report on the 2002 Housing and Vacancy Survey
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