Annual Report 2006

Housing

The residential market, in particular, is booming, with 30,000 units authorized in 2005, and another 30,000 units projected each year through 2008. Part of the continued strength is due to Mayor Bloomberg’s successful rezoning initiatives, which are paving the way for new residential development in all five boroughs, as well as his efforts to spur the creation of affordable housing
on government-owned land.

Perhaps most significantly, the housing boom extends Citywide, from multi-million dollar Manhattan condos designed by the world’s leading architects, to multi-family developments in the South Bronx and Staten Island, and waterfront projects in Brooklyn and Queens that incorporate mixed-income housing, retail, and inviting public amenities such as river esplanades and green space.