WHITE PLAINS, NY (May 22, 2025) — As cranes rise and hospital campuses expand across Westchester County, new findings unveiled at the Westchester County Association’s (WCA) Annual Real Estate Summit reveal a critical imbalance—Westchester’s housing supply is not keeping up, and the cost of inaction could reach tens of billions of dollars.

A joint economic study produced by the WCA and Regional Plan Association (RPA) entitled “Building Growth” was released Wednesday at the region’s marquee gathering of real estate leaders, public officials, developers, and business stakeholders. The report paints a clear picture: if Westchester fails to address its growing housing shortfall, the County could lose:

  • 8,400 to 12,000 jobs annually
  • $533 million to $742 million in annual earnings
  • $32 to $57 billion in Gross Domestic Product (GDP) by 2040

“This report confirms what we’ve been sounding the alarm about: housing isn’t just a social issue—it’s an economic one,” said Michael N. Romita, President & CEO of the Westchester County Association. “With support from our County government over the past few years, Westchester has made great progress on housing over the past several years. If we want Westchester to remain competitive, if we want to support our workforce and fuel the incredible momentum we’re seeing in sectors like healthcare, we must prioritize smart, sustainable housing development. This Summit is the place where those conversations—and solutions—take place.”

Westchester County Executive Ken Jenkins added, “Westchester County understands that there is a real, critical need for more housing opportunities if we want to move in tandem with the development that has been occurring across the economic sector. Since our administration first took office we have made it abundantly clear that housing—and the availability of all kinds of housing options—would remain a top priority. Our recent investments in housing align with our long-term strategy to address housing needs, and provide stability for families who are looking to build their futures here. I want to thank our partners at the Westchester County Association and Regional Plan Association for compiling this important study, that clearly demonstrates the conversations that must be had to continue moving Westchester forward.”

The release of the study took center stage at the WCA’s sixth annual Real Estate Summit May 21, which also spotlighted Westchester’s unprecedented healthcare construction boom. Attendees heard from top executives at Westchester Medical Center, NewYork-Presbyterian, White Plains Hospital, and the New York Blood Center, all of whom are leading major expansion projects and redefining Westchester’s economic landscape.

While healthcare investment is surging, the study revealed that Westchester is currently short of more than 21,000 housing units, with vacancy rates at a historic low of 1.9% and average rents up 46% over the last decade. Without bold policy changes and local action, that deficit could grow to as many as 77,000 units by 2040.

The research, authored by RPA’s Director of Land Use Marcel Negret, Vice President of Housing and Neighborhood Planning Moses Gates and Research Intern Husen Kharodawala, and presented by RPA’s Executive Vice President Kate Slevin, highlights the long-term costs of the status quo—but also the significant upside of investing in new housing. Pro-housing policies, the study notes, would generate tens of thousands of jobs, expand the tax base, and support vibrant, inclusive communities.

“RPA is proud to work with WCA on this new report that defines what the County stands to gain by addressing the housing crisis,” said Kate Slevin, Executive Vice President. “Our research shows that progress has been made to create more homes in walkable, transit oriented neighborhoods, but more must be done to address the County’s historically low vacancy rate.”

The findings build on WCA’s long-standing leadership in housing advocacy, including the Welcome Home Westchester initiative and its “5 in 2025” campaign—a set of five concrete policy steps local governments can adopt to unlock housing development and reduce barriers. Regional efforts are coordinated through WCA’s Real Estate Task Force, which brings together developers, planners, business leaders, attorneys, public officials, higher education institutions and nonprofits to drive action and impact.

“WCA’s partnership with the RPA reinforces our commitment to data-driven solutions. The analysis compellingly establishes that the delivery of housing in Westchester County is needed and accretive,” said William Cuddy, Executive Vice President, CBRE and Chair of the WCA Real Estate Task Force. “We’re excited to publish and share our findings today with the civic-minded decision-makers who will move the needle.”

The program also featured a panel of industry leaders driving Westchester’s healthcare real estate expansion. Moderated by Patricia Simone, President of Simone Development Companies, the discussion featured Joshua Ratner, EVP and Chief Strategy Officer at WMCHealth; Vaughn Ratchford, SVP and Chief Real Estate Officer at New York Blood Center Enterprises; Joshua Strugatz, Chief Campus Transformation Officer at White Plains Hospital; and Joseph A. Ienuso, Group SVP of Facilities and Real Estate at New York-Presbyterian. The panel explored how healthcare and life sciences institutions are investing in major construction projects—and how the region’s housing ecosystem must evolve to support continued growth.

The event underscored a central theme of the WCA’s work: Real estate, whether commercial, residential, or institutional, is a cornerstone of Westchester’s economic vitality and quality of life. The Real Estate Summit offered a powerful platform to examine the intersection of housing, healthcare, and economic growth and to chart a path forward.

About the Regional Plan Association
http://www.rpa.org is an independent non-profit organization that conducts research, planning and advocacy to expand economic opportunity, environmental resiliency, improved health, and better quality of life in the New York metropolitan area. Since the 1920s, RPA has produced four landmark plans for the region. The most recent was released in November 2017. For more information, please visit www.rpa.org.

About the Westchester County Association
The Westchester County Association is the most influential professional membership organization in Westchester and the surrounding region. We unite professional leaders to advance issues and lead initiatives that strengthen our regional economy.  Our mission is to drive Westchester’s economic vitality, stimulate new business development and job creation, and provide our members with the resources and talent they need to grow. For more information about the Westchester County Association, visit www.westchester.org.

 

Media contacts: Sam Bowden Akbari, PhD bowdenakbari@rpa.org,  Lisa Buchman lisa@harry.marketing