Saturday, March 31, 2012
We are pleased to share with you the latest policy brief from the Furman Center and its Institute for Affordable Housing Policy: Searching for the Right Spot: Minimum Parking Requirements and Housing Affordability in New York City. The report examines the minimum residential parking requirements in communities throughout the city, and explores the effects the requirements may have on housing affordability and the city's sustainability goals.
Our findings suggest that the requirements generally cause developers to provide more off-street parking than they think buyers and tenants really demand, potentially driving up the cost of housing and promoting inefficient car ownership. The report provides examples of tools other cities have used to refine their parking regulations to better balance concerns about housing affordability, sustainability, and traffic congestion with the needs of car owners.
The Center has also released its Fourth Quarter NYC Housing Report:
We are pleased to share with you our latest New York City Quarterly Housing Update (Q4 2011). We find that home sales volume continued to decline, with the number of transactions citywide down 15 percent from the previous quarter and 11 percent from the fourth quarter of 2010.
The report finds, however, that foreclosure starts were down in most of the city, with 33 percent fewer foreclosure notices issued in the fourth quarter of 2011 compared to the same quarter in 2010. Manhattan was the only borough where the number of foreclosure starts increased, although the number of foreclosure notices issued in Manhattan remained well below the numbers issued in any of the other boroughs. You can read the full report here, or the press release here.
The Furman Center's Quarterly Housing Update is unique among New York City housing reports because it incorporates sales data, residential development indicators, and foreclosures. It also presents a repeat sales index for each borough to capture price appreciation while controlling for housing quality. The publication is available on a quarterly basis at:
Very valuable research and analysis, as usual.