How New York Housing Policies Are Different -- and Maybe Why

Almost everyone says New York City is exceptional, and many people think that housing is one of the most exceptional aspects of New York life. But New York’s housing conditions are not so different from those in other large US cities, or at least not in the ways that are commonly believed. Policies, not conditions, are what truly set New York’s housing market apart.  Our aim in this chapter is to describe New York City’s policies, to explore how and why they differ from those in Los Angeles and other large cities, and whether they have shaped how New York City’s housing market has weathered the recent downturn. The policies we consider are public housing, in rem properties, other subsidized housing, rent regulation, housing allowances, city capital subsidies for construction and rehabilitation, special needs housing, local tax structures, and building codes. Do unusual housing market conditions lead to these unusual policies? Do some common factors cause both unusual policies and conditions? Naturally, we cannot answer these questions definitively. But we can offer some alternative explanations.