Housing affordability is back at the center of the conversation in Washington. The proposals vary—allowing retirement funds like 401(k)s to be tapped for down payments, directing Fannie Mae and Freddie Mac to purchase hundreds of billions in mortgage-backed securities to push rates lower, floating 40- and even 50-year mortgage terms, and restricting large investors from buying existing homes.

In today’s Upper West Side and Upper East Side prewar market, the definition of a “turnkey” renovation has quietly shifted. Post-2022, buyer tolerance for renovation disruption has collapsed while board approval timelines have elongated, creating a stark divergence between assets that are ready to live in and assets that are merely ready to work on.

New York can launch a global brand overnight, but it still takes years to approve a new apartment building. Experts say we need 50,000 new homes per year to stabilize rents. Most years, we build half that.