“Apartment construction in the U.S. has been declining sharply for years and fell to a 15-year low earlier this year. But in New York City, it is booming.

The city added 38,682 units to its housing stock last year—the most new apartments completed in a single year for the city since 1965, according to the Department of City Planning, when developers rushed to complete buildings before a new zoning resolution.

The city’s residential push shows no sign of slowing down. New application filings indicate a robust pipeline, with 16,815 new units across 281 buildings proposed in this year’s first quarter, a recent Real Estate Board of New York report shows.

That’s a glimmer of good news for a city in the midst of an acute housing shortage.”

From Wall Street Journal.