New York City saw the highest number of completed housing units in nearly 60 years in 2024, with approximately 33,974 new homes built, according to the New York City Department of City Planning’s (DCP) Housing Database.
The record-breaking figure was largely driven by a surge in building permits filed just before the expiration of the previous 421-a tax abatement program in June 2022. Many of those projects, which had been approved for construction, reached completion last year.
Among the five boroughs, Brooklyn led the way with 13,732 completed units. Queens followed with 8,061, while the Bronx ranked third, adding 6,526 new housing units. Manhattan and Staten Island trailed with 4,841 and 814 units, respectively.
While Brooklyn had the most completed units citywide, Long Island City-Hunters Point in Queens emerged as the leading neighborhood for new housing, with 1,859 completed units. A significant portion—1,386 units—came from two major projects in the Hunter’s Point South development.
New permits decline despite record completions
Despite the surge in completed homes, the number of newly permitted units declined to 15,626 in 2024, marking the lowest total since 2016. That figure dropped from 16,428 permits in 2023. Factors such as high interest rates and constraints in the construction sector could further slow the pace of housing development in the coming years.
Brooklyn again topped the list for new permits, with 6,592 units approved. The Bronx and Queens followed closely behind, with 3,125 and 3,240 permitted units, respectively. Manhattan saw 2,347 new permits, while Staten Island had 328.
Spring Creek-Starrett City in Brooklyn led all New York City neighborhoods in housing permits, with 1,664 units approved. Two planned developments on Inspiration Lane account for more than half of that total.
The report also highlighted stark geographic disparities in housing production across the city’s 59 community districts. While 10 community districts accounted for as many housing permits as the remaining 49 combined, 19 districts saw fewer than 100 homes permitted. Additionally, 13 districts had fewer than 200 homes completed, despite the citywide construction boom.
DCP officials are optimistic that the “City of Yes for Housing Opportunity,” a sweeping zoning reform passed in December 2024, will help address these disparities. The initiative aims to create 80,000 new homes over the next 15 years and includes a $5 billion investment in infrastructure and housing development.
While the Bronx saw significant housing growth last year, the borough’s housing needs remain high. Local advocates hope that the City of Yes initiative will help ensure that new development extends beyond just a few high-density neighborhoods and reaches communities in need of more affordable housing.
