Why do you organize?
Because New York has a housing shortage. There is not enough housing for everyone who wants to live here. You can tell because housing is expensive, vacancy rates are low, and the housing stock is growing more slowly than the population.
The reason for the shortage is political. Residents block housing in their neighborhoods with restrictive zoning. The solution to the shortage is political. If you are affected by the shortage, organize and ask our city and suburbs to allow more housing.
What do you want?
We want New York and nearby cities to allow more housing. More housing would let more people stay in or join our city. Abundant housing would also lower rents, reduce pressure on gentrifying neighborhoods, and create more vibrant, walkable neighborhoods.
By “build more housing,” do you mean affordable housing?
We want more construction of both affordable and market-rate housing. Both are good and both are urgently needed.
The city should focus on providing affordable housing for those who need it most. If we allow more construction, fewer people will need help finding housing, and the city's resources for affordable housing would go further.
We can't subsidize our way out of a shortage.
New housing tends to be expensive in New York. Won’t new housing make NYC more expensive?
This is a common fallacy, but we believe it is mistaken. If you’re concerned about housing affordability, look at the effect of new market-rate housing on the housing market as a whole. New market-rate housing takes pressure off of existing housing.
If you’re interested in diving in deeper, consider the market for cars or what would happen if a large amount of existing luxury housing got demolished.
Are you secret shills for the real estate industry?
Nope! We are New Yorkers who spend our spare time trying to address a problem that we care deeply about. None of us make any money from our activities with More New York.
How low might prices go?
If enough new housing is built, the price of a new apartment will fall to something close to the cost of construction. The cost of constructing an apartment in Manhattan has been conservatively estimated as about $338 per square foot (in 2017 dollars), so a new 900-square-foot apartment would cost about $304,000. Assuming a gross rental multiplier of 20, this would mean monthly rent of about $1,270 for a new 900-square-foot apartment. (In comparison, the current rent of a 900-square-foot apartment in Manhattan is about $5,000 per month.) Older housing would be cheaper, and housing would also become cheaper if you could reduce the cost of construction.