REBNY: Construction Filings Drop Sharply in Q2

REBNY: Construction Filings Drop Sharply in Q2
News| August 24, 2026| Paul Bubny
New York & Tri-State + Apartment Buildings

New York City developers filed plans for approximately 9.2 million square feet of new construction across 387 new building filings in the second quarter of 2026, representing declines of 56% and 33%, respectively, from Q1, according to the Real Estate Board of New York (REBNY). 

Of those 387 filings, 172 were for proposed multiple-dwelling buildings totaling just 8,064 units, down 52% from Q1, REBNY said in its New Building Construction Pipeline Report. That is less than half of the 17,500 units per quarter the city now says are needed to build 700,000 new homes over the next decade and address the housing shortage.

The decline in filings from Q1 to Q2 comes as New York City’s development pipeline shifts away from projects vested under 421-a and toward projects that must rely on 485-x or other funding programs. Q2 filings show a notable concentration of multifamily projects below the 100-unit threshold, while filings for projects with 100 units or more fell from 25 in Q1 to just 9 in Q2.

“The decline in proposed construction this quarter is a warning sign that New York has not yet created the conditions and incentives needed to maintain the momentum of consistently delivering new homes at the scale required to address the city’s housing supply crisis,” said Basha Gerhards, REBNY EVP of public policy.

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