By 2016, construction spending in New York City will hit $12.4 billion, according to a new report by the New York Building Congress, which is an 80 percent increase from 2013. But since most of this is being spent on glassy boxes for the super rich, it will yield only a 30 percent increase in housing stock. "We are not providing the housing we need for moderate-income New Yorkers," said the president of the congress. "This is a real issue." Ya think? [Crain's]
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