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Schumer Warns: Belief That Housing Shortage Won't Bite Into Economy Is a Mistake

NEW YORK CITY-The Honorable Charles E. Schumer told those gathered at the New York Housing Conference luncheon yesterday that the housing crunch will have a direct impact on job growth not only here, but also across the nation.

By Amy Vaughn | Updated on December 13, 2000

NEW YORK CITY-The New York Housing Conference and National Housing Conference Awards Luncheon’s keynote speaker at its luncheon yesterday, Senator Charles E. Schumer, soon to be the senior senator from New York, spoke on the serious housing shortage and his plans to address it. “Anyone who thinks the housing shortage won’t bite into the economy is mistaken,” he said. “[This year] we have a deficit of 75,000 new homes to new jobs.”

He began, “67% of all US households own their own homes. The flipside to this prosperity, which is particularly apparent in New York, is that every day it gets harder to buy or rent a home or apartment. Job growth over the last year was 80,000 jobs; there were 5,000 new units of housing created.” Schumer noted that without meeting the housing needs of the workforce, the workforce will migrate elsewhere.

Citing New York State Comptroller Carl McCall’s report No Room for Growth and the Center for Housing Policy’s recent report, Schumer highlighted statistics showing 43% more Americans in 1993-1996 paid half their income for housing. He observed, “The 1990s real estate made it harder for cities to retain teachers, cops and firefighters.”

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