Part of the initiative also does away with parking requirements for apartment buildings linked to pricey parking garages.
Monthly home prices have hit an all-time high in recent weeks, driving down pending home sales by as much as 28%.
The average rent in Manhattan is now $5,552 a month, while the median rent remains at $4,400 a month.
Questions remain over whether Local Law 18, a law aiming to regulate booking service platforms like Airbnb will ultimately ease the city's housing shortage or have unexpected adverse effects.
Officials want permanent solutions to homelessness, not expensive quick fixes.
Officials and housing advocates pushing for the new rules say they're necessary to protect the city’s housing stock and to stop apartments from becoming de facto hotels.
Goldman Sachs projects home prices to climb by 1.8% this year amid housing shortage
Fannie Mae economists predicted in a revised forecast that the U.S. housing market faces a prolonged downturn due to high mortgage rates and limited supply.
Rent-stabilized apartments are highly sought after in New York City. But more than 13,000 such apartments sat vacant for at least two years between 2021 and 2022.
The one-night stay in September includes a meditation session, spa day and chef's dinner.
New York City Mayor Eric Adams says the city will start giving adult asylum seekers in the city’s shelter system 60 days notice to find somewhere else to live.
A state appellate court has unanimously ruled that the city can build an affordable housing development on the land the garden sits on.
New York City Mayor Eric Adams has announced he is vetoing four City Council bills intended to give more assistance to homeless people and address the city's affordable housing crisis, setting the stage for a showdown between the Mayor and the Council.
Millions of New Yorkers living in rent stabilized apartments will now have to dish out more money each month.
The Chelsea-Elliott Houses and the Fulton Houses, on Manhattan's West side, will be torn down and rebuilt.
Experts suggest thinking twice before moving in with an online roommate in New York City.
The median rent in the city now stands at a staggering $3,700 a month, but if you're a savvy apartmenthunter, you can find a new place to live that won't break the bank.
With 48 hours to go, the fate of bills on affordable housing, a bill to allow New York City to lower its speed limit, or a bill to change the name of the Mario Cuomo Bridge back to Tappan Zee are unknown.
During a preliminary vote last month, the Rent Guidelines Board considered raising rents between 2% and 5% for one-year leases, and between 4% and 7% for two-year leases.
Renters in the U.S. are experiencing some relief from rental burdens, according to a new report by Moody’s Analytics. The number of metros experiencing higher rent burdens dropped 91% from last quarter.