Housing Stock Up, Vacancy Rate Down

"The city's housing stock increased by a record 67,792 units between 2005 and 2008, but the vacancy rate dropped from 3.09 to 2.88 percent, according to a study released yesterday. The preliminary findings of the New York City Housing and Vacancy Survey, conducted every three years, show there were 3,329,000 residential units in the city, the most since the survey began in 1965. As it has every year, the vacancy rate remained below 5 percent - the level necessary to maintain the rent-stabilization system...The percentage of households paying more than 50 percent of their income for rent and utilities went up from 28.8 to 29.4 percent." — NY Post

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