The crisis of housing in New York City isn't going anywhere soon: The latest data from a key city agency has revealed a pronounced stalemate in the number of new apartment buildings currently planned for construction in all five boroughs. A lack of tax incentives, including the expiration of rule 421a, and high construction costs (as we covered in our two-part feature on the current economy for the architecture industry) are both likely motivating factors.

Bloomberg reports: "Last month, developers filed 36 permits for multifamily buildings, which, excluding the period of Covid lockdowns in 2020, was the lowest monthly count for May in a decade, data from the New York City Department of Buildings showed. And last year, permits for about 15,500 apartment units were filed, the lowest since 2016, according to the Department of City Planning."

This revelation, one year after the borough of Manhattan approved exactly zero new apartment starts, mirrors a national trend. The Regional Plan Association projects that New York City will need 473,000 more units of housing by 2032 to match its current needs. (h/t Forbes).