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Shark Bites: New Units Invade Upzoned 'Hoods

[Every other Tuesday, when the wind is blowing just so, our friends from property research hub PropertyShark drop by to share some of the joy from their cache of maps. As always, enjoy the ride.]

Back in November Jonathan Miller posted a graph showing new condo and co-op units entering the market starting in 1985 and going through 2008 (estimates). He ominously notes that the supply that came online 20 years ago took seven years to absorb.

With that in mind, we looked at the city's recent upzonings of Long Island City, Williamsburg, and the Far West Side. According to the Environmental Impact Statements filed with these zonings, these rezonings will allow for 28,400 new housing units—and these estimates might be low.

Since nobody has studied the New York City housing market longer or with more insight than Jonathan Miller, I'd be interested to hear his thoughts on how these new units will affect the market. What will happen if 28,400 new units come on the market between two and five years from now, over and above the development that is happening in the rest of the Island? What happens if developers really push the zoning envelope and that 28,400 is really more like 35,000 or 40,000?
· PropertyShark Maps [PropertyShark]