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Slowdown in NYC Multifamily Market Won’t Let Up

The multifamily market in New York City has been on a downward slope since the announcement and enactment of the Housing Stability and Tenant Protection Act of 2019 this past June, and it looks like it won't let up.

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NEW YORK CITY –  The multifamily market in New York City has been on a downward slope since the announcement and passing of the Housing Stability and Tenant Protection Act of 2019 this past June that enacted landlord restrictions and extended rent regulation guidelines. And since the legislation passed in the New York State Assembly, multifamily sales have continued to slow down across the city, according to a new report from Property Shark, a real estate data provider.

Sales volume city-wide is down 60% year-over-year from $1.4 billion in November of last year to $412 million. Also, multifamily transactional activity slowed, with 893 recorded sales in the first 11 months of 2019 compared to the first 11 months of 2018, which saw 1,209 deals close. And the most significant indicator of all is the number of units sold: 20,124 between January 1 and November 30 of the current year versus the 44,308 that traded hands in the same timeframe last year.

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Mariah Brown

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

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