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Opinion | How to Make Room for One Million New Yorkers - The New York Times

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Vishaan Chakrabarti is the founder of Practice for Architecture and Urbanism, a New York City architecture firm, and the former director of planning for Manhattan. New York City doesn’t have enough homes. The average New Yorker now spends 34 percent of pre-tax income on rent, up from just 20 percent in 1965. There are many reasons homes in the city are so expensive, but at the root of it all, even after the pandemic, is supply and demand: Insufficient housing in our desirable city means more competition — and therefore sky-high prices — for the few new homes that trickle onto the market. Some New Yorkers harbor fantasies that instead of building more, we can meet our housing needs through more rent control, against the advice of most economists, or by banning pieds-à-terre or by converting all vacant office towers into residential buildings, despite the expense and complexity. Given the enormity of the crisis, such measures would all be drops in the bucket, leading many to worry that i

By Vishaan Chakrabarti Vishaan Chakrabarti is the founder of Practice for Architecture and Urbanism, a New York City architecture firm, and the former director of planning for Manhattan. New York City doesn’t have enough homes. The average New Yorker now spends 34 percent of pre-tax income on rent, up from just 20 percent in 1965. There are many reasons homes in the city are so expensive, but at the root of it all, even after the pandemic, is supply and demand: Insufficient housing in our desirable city means more competition — and therefore sky-high prices — for the few new homes that trickle

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