RYE — Despite recent growth in housing developments, Westchester still faces a pressing need for more housing.
A new study by the Westchester County Association and Regional Plan Association warns that the housing shortfall could lead to job losses — unless municipalities act to promote housing.
The study found that about 26,800 housing units were built in Westchester between 2010 and 2023, representing an annual growth rate of 0.6%.
However, the county still faces a shortage of about 21,000 housing units. Vacancy rates have fallen to a historic low of 1.9% while average rents have surged 46% over the past decade.
Westchester could face a shortage of between 44,000 and 77,000 housing units by 2040.
The report projects severe consequences — the potential loss of up to 12,000 jobs, $56.9 billion in economic activity and $742 million in annual earnings
A call for Westchester municipalities to join Hochul’s housing program
Kate Slevin, executive vice president of Regional Plan Association, a nonprofit that promotes economic competitiveness in the tri-state area, called on municipalities to embrace progressive strategies to close the housing gap in the interest of creating jobs, attracting investment and boosting tax revenues.
“Building housing is really important for our economy and job growth,” Slevin said at a May 21 real estate summit event hosted by the Westchester County Association. “It brings more money to be spent in our towns.”
One recommendation is for municipalities to opt into the state’s Pro-Housing Communities Program, part of Gov. Kathy Hochul’s $25 billion housing plan. Municipalities certified under the program are eligible for a string of state housing funds. Under the program — which seeks 1% annual growth target in New York’s housing stock — Westchester could see an increase of about 33,000 units by 2040.
As of May, 14 municipalities in Westchester have been certified, including White Plains, Yonkers, New Rochelle, Mount Vernon, Ardsley, Cortlandt and Croton-on-Hudson.
Healthcare leaders tout Westchester’s location, talent pool, progressive local government
The real estate summit also highlighted recent growth in healthcare, which has generated jobs and attracted investment.
Major hospitals, including White Plains Hospital, Westchester Medical Center, NewYork-Presbyterian, Phelps Hospital and Northern Westchester Hospital, are either constructing new buildings or planning expansions that are expected to create thousands of new jobs in the coming years.
White Plains Hospital is building a 10-story hospital tower that will house a new emergency department and hundreds of private patient rooms. NewYork-Presbyterian is set to open a new outpatient center in White Plains in September, while Westchester Medical Center’s $221 million new patient care tower is expected to be completed within two years. Additionally, New York Blood Center has recently launched a new campus in Rye.
Healthcare leaders touted Westchester’s prime location, talent pool, patient base and progressive local government as key factors attracting investment.
“If COVID taught anything, it’s that we need each other and we need to build the space to care for patients,” Ienuso said. “Patients can’t be entirely cared for remotely. There’s no doubt that adaptive reuse (properties) especially in Westchester are part of the future of healthcare.”
Helu Wang covers economic growth and real estate for The Journal News/lohud and USA Today Network. Reach her at hwang@gannett.com.