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Finding an apartment in Manhattan is getting even harder, as listings plummet and rents reach $5,000

Median Manhattan rents jumped to $5,000, a new report found. New apartment listings, meanwhile, have nearly disappeared.

businessinsider.com ·

New York City's apartment market is experiencing a steep decline, with median rents hitting an all-time high of $5,000 per month, as reported by The Real Deal and appraisal firm Samuel Miller. The inventory of market-rate apartments has plummeted by approximately 4,000 units, or 39% year-over-year, as the city grapples with an affordability crisis.

The average time properties spend on the market has decreased from 48 days last summer to just 36 days this summer, indicating a surge in demand. This trend mirrors the broader housing market struggles in the United States, where a significant shortage of affordable homes persists. Mayor Zohran Mamdani has pledged to construct 200,000 new affordable homes during his tenure, but the market stagnation remains evident, with a 19% drop in new leases and a 31% increase in luxury unit prices year-over-year.

The city's efforts to convert historic hotels into apartments and repurpose various buildings for housing could help alleviate the issue in the long run, but the immediate impact of rent freezes remains uncertain.

Written by urgent.news from Business Insider's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

Read the original at businessinsider.com →

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·hani.co.kr

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The service has also said that it will continue to work with Congress to ensure that any changes to the shipbuilding plan are consistent with U.S. law and policy. The Trump administration has said that it is committed to rebuilding the U.S. military and making it more competitive, and the Navy’s shipbuilding plan is a key part of that effort. The Navy’s plan has been delayed several times, and it is unclear when the White House will make a final decision on the proposal. The proposal is likely to spark a heated debate on Capitol Hill, with lawmakers from both parties expressing concerns about the potential impact on the U.S. shipbuilding industry. The issue is also likely to be a topic of discussion at a hearing on the Navy’s shipbuilding plan that is scheduled to take place later this month. U.S. Rep. Elaine Luria (D-VA), a member of the House Armed Services Committee, said in a statement that she is opposed to the proposal, saying that it would undermine the U.S. shipbuilding industry and create jobs overseas. “The Navy should be building ships in America, not overseas,” Luria said. The U.S. shipbuilding industry has long been a major employer in the United States, with thousands of workers employed at shipyards across the country. The industry has also been a key contributor to the U.S. economy, with billions of dollars in economic output generated each year. The Navy has long argued that it needs more flexibility in its shipbuilding plans to ensure that it can meet its operational requirements. The service has faced challenges in recent years in meeting its shipbuilding goals, due in part to a constrained industrial base and rising costs. The Navy’s 30-year shipbuilding plan, which is currently under review by the White House, calls for the construction of a total of 355 ships. 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·hani.co.kr

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