The lack of affordable housing in New York City is a well-documented problem. As claimed by The Real Deal magazine, in recent years, the city has lost a significant amount of rent-stabilized housing, and the cost of market-rate apartments has continued to climb. This has made it increasingly difficult for many New Yorkers to find affordable housing.

One potential solution to the housing crisis is to build more condos. Condos are owner-occupied units, and they are not subject to the same rent regulations as rental apartments. This means that developers can charge higher prices for condos, which can make them more profitable than rental buildings.

However, there are a number of reasons why condos are not a realistic solution to the housing crisis. First, the cost of building condos is very high. This is due to many factors, including the high cost of land in New York City and the high cost of construction.

Second, there is a limited market for condos in New York City. Many New Yorkers cannot afford to buy a condo, even if they wanted to. This is because the median income in New York City is relatively low, and the cost of condos is very high.

Third, the condo market is cyclical. This means that there are periods of time when the demand for condos is high, and there are periods of time when the demand for condos is low. When the demand for condos is low, developers may have difficulty selling their units. This can lead to financial problems for developers, and it can also lead to a decrease in the supply of condos.

All in all, condos are not a realistic solution to the housing crisis in New York City. The cost of building condos is very high, the market for condos is limited, and the condo market is cyclical. These factors make it unlikely that condos will be able to provide a significant amount of affordable housing in New York City.

The best solution to New York City's housing problem is likely a combination of these: build more housing, both market-rate and affordable. The city also needs to make it easier for developers to build housing. And the city needs to help low-income residents afford housing.

By taking these steps, the city can make New York City a more affordable place to live.

Orion, J. https://therealdeal.com/magazine/february-2024/dont-expect-condos-to-fix-nycs-housing-problem/