A new multifamily foundation plan application report for January from the Real Estate Board of New York (REBNY) shows what the group says is "an anemic outlook" for new NYC housing development in 2023 amid an ongoing supply crisis.

REBNY has introduced the new report—tallying the number of projects, and their size, that are taking the first step in the construction process—as a supplement to its Construction Pipeline Report, which tracks new building job filings for all new projects, including office, retail, hospitality and multifamily.

"These job filings typically occur well before any substantive development work has started and many additional steps such as financing, plan review and amendments will still need to occur," the board explained. "By providing additional perspective on how many multifamily projects have filed foundation applications, [the report] provides a more substantial projection for housing production."