New housing construction still lags, but multi-family unit permits boom
In that time, the New York–Newark–Jersey City metro area has added 864,574 construction jobs but issued permits for only 407,585 new housing units, according to a new report by Apartment List, an online service that connect renters to apartment listings and conducts industry research.
In a balanced market, a new housing unit should be built for every one to two new construction jobs the economy adds, according to Chris Salviati, housing economist at Apartment List.
Source: crainsnewyork.com