NIMBY Island: Record High Home Prices, But LI Building Down 2/3

Record LI Home Prices... "New data from Realtor.com shows that a Long Island household should earn $242,000 to afford a median-priced home in the region, an 83.1% jump from $132,000 in 2019. This drastic jump has been fueled in part by a 41.8% climb in asking prices for Long Island homes since 2019, and mortgage rates that are roughly 3 percentage points higher than six years ago," Newsday found. "Advocates have urged local lawmakers to ease pressure through policies such as less restrictive zoning that allows for denser building."

But Little New Housing: "Between 2000 and 2024, Suffolk County saw a 71% decline in overall building permits, and a similar 70.8% dip in single-family home permits, while Nassau County recorded a 65% drop in single-family home building permits and a 24% drop in total permits," reported Newsday.

"Of the 57,272 privately-owned residential units slated to be built in the region between 2000 and May of 2025, 55,276 or 96.5% of those have been single-unit residential structures. Structures with more than five units made up 986 or 1.7% of all building permits, creating 13,547 homes."