In the New York metropolitan area, more apartments are under construction, more renters are looking for apartments and renters are paying higher rents than almost any other apartment market in the U.S. But the cost to build a new apartment or renovate an old one is also higher, development sites are more expensive and regulations like rent stabilization are tougher than almost anywhere else. And New York City has some of the highest property taxes in the U.S. In June 2022, the Affordable Housing NY Program — also known as …
