NYC Faces Historic Housing Crunch as Gen Z Flocks to the City

With vacancy rates at a 50-year low, New York City struggles to accommodate the surge in demand for housing, leading to skyrocketing rental costs.

Gen Z's preference for urban living has driven New York City's apartment vacancy rates to a historic low of 1.4%, the lowest since 1968.
The influx of younger generations into NYC has exacerbated the housing shortage, with the average rent for a 700-square-foot apartment exceeding $4,700.
New York City Mayor Eric Adams calls for urgent action to increase housing supply, particularly affordable options, to address the growing demand.
The city's high cost of land and complex regulatory landscape hinder quick and efficient housing development, contributing to the housing crisis.
Rent control and reassessment of housing policies are deemed crucial for making city living more accessible and addressing the homelessness issue.