State of New York City’s Housing and Neighborhoods, 2012
Six years ago, the housing bubble burst and sent the nation spiraling into the most severe recession since the Great Depression. Today, encouraging signs of recovery—sustained employment growth, rising housing starts, increased numbers of home sales, and generally increased sales prices— provide reason to believe that the nation and New York City have turned the corner. In this year’s State of New York City’s Housing and Neighborhoods report (State of the City) we examine how New York City is faring in the aftermath of the crisis.
In 2001, the Furman Center for Real Estate and Urban Policy released the first edition of the State of the City to make publicly available the enormous amount of data regarding housing and neighborhood conditions in New York City collected each year. Today, the State of the City includes an unprecedented number of indicators, measuring everything from the health of the housing market to the health of the city’s residents and the educational attainment of the city’s children. The report serves as a medium through which the Furman Center can investigate new data, describe and contextualize current trends, and highlight the pressing issues affecting New York City. This year’s State of the City focuses on how New York City is performing in the aftermath of the housing crash and recession, investigating changes in the city’s built environment, housing market conditions, population demographics, and health, education, and crime indicators.
Where data are available, this year’s State of the City compares New York City to the next four largest cities in the United States—Chicago, Houston, Los Angeles, and Philadelphia—to help contextualize the city’s experience during the housing boom and bust. In Sections 4 and 5, we also compare New York City residents (or “New Yorkers”) to the residents of these other large cities.