Mark Willis states that rising vacancy rates suggests that the City’s housing supply is starting to meet the demand.
“Rising vacancy rates citywide are a sign that, overall, the housing supply is starting to catch up with demand, helping to relieve the upward pressure on housing costs,” said Mark Willis, a senior policy fellow at the NYU Furman Center. But, he noted, the effects were uneven, with vacancy rates falling to 2.71% in the Bronx.