Affordable Housing Matters
Is a lack of affordable housing holding back economic growth in our region?
A recently released report from the New York City Department of City Planning shows that over the last 10 years, the NYC Metro region (which includes Westchester) added 708,000 new jobs but grew only by 0.9 percent — slower than many other major metro areas. The culprit? “Inadequate housing production hasn’t kept pace with rising jobs, limiting overall growth,” explains CBRE’s William Cuddy, who chairs the Westchester County Association’s Smart Growth Initiative. Mixed-use housing, which is on the rise in Westchester, may be a solution, Cuddy says.
“We need more diverse housing stock for the county to grow and thrive,” he says. “These developments attract residents who are also consumers and active members of the community. They have a direct impact on the economic performance of Westchester. It’s fairly simple: More workers, more shoppers, and more diners at restaurants drive economic performance.”