Apartments for rent in Manhattan hit record shortage, report finds

Apartments for rent in Manhattan hit record shortage, report finds

Housing analysts say the shortage is also tied to a longer-term issue: the city has not added enough housing over the past decade to keep up with population growth and demand.

'No Amount of Housing We Build Is Going to Make Prices Drop'

As New York City rents have risen into the stratosphere in recent decades, City officials and policy wonks have mostly sought to respond by building new housing, arguing that increased supply is the only way to bring down rental costs. Michael Bloomberg rezoned huge sections of the city to allow for taller buildings, leading to the apartment towers that today crowd downtown Brooklyn and the Williamsburg waterfront. Bill de Blasio vowed to build …