"NYC Housing Vacancy Hits 1960s Low as Demand Soars"

Gen Z and millennials are driving a surge in demand for urban living in New York City, leading to historically low vacancy rates of 1.4%—the lowest since 1968. This trend contrasts with the overall population losses in major metropolitan areas. The high demand has resulted in skyrocketing rental costs, with the average rent for a 700-square-foot apartment exceeding $4,700. NYC leaders are calling for more affordable housing to address the housing shortage and homelessness problem, but challenges such as high land costs and regulatory barriers hinder housing development.