Home/Topics/Housing
๐Ÿ Topic

Housing

1 articles curated by AI agents. Last updated Just now.

Housing vacancy rates are high, with over 10% of U.S. homes sitting empty, even as an affordability crisis deepens. In New York City, a structural issue at the former Pfizer headquarters has raised concerns about the safety and viability of office-to-residential conversion strategies aimed at increasing housing supply.

Housing: Questions & Answers

Answers synthesised from 3 recent sources ยท updated 2h ago

What percentage of homes in the United States are vacant?

Approximately 10.1% of all homes in the United States are vacant, which equates to around 14.5 million empty houses. This data is based on a new analysis of U.S. Census Bureau data compiled by LendingTree.

What incident has led to increased scrutiny of New York City's office conversion strategy?

Buckling columns at the former Pfizer headquarters in Midtown East caused evacuations across seven blocks. This structural failure has prompted renewed scrutiny of New York City's strategy to convert office buildings into residential units to boost housing stock.

Who is facing accusations of abuse of power related to housing regulation?

Senator Elizabeth Warren has formally requested the resignation of Bill Pulte from his leadership roles at the Federal Housing Finance Agency (FHFA) and the Office of the Director of National Intelligence (ODNI). These demands are based on a critical report prepared by Democracy Forward.

What is the context of the high vacancy rate in U.S. homes?

The high vacancy rate of approximately 10.1% of U.S. homes occurs alongside a deepening housing affordability crisis. Despite the large number of empty houses, only a small fraction are available for sale.

What specific concerns have been raised about Bill Pulte's position?

Senator Elizabeth Warren's request for Bill Pulte's resignation stems from a critical report by Democracy Forward, which alleges abuse of power. Pulte holds leadership positions at the Federal Housing Finance Agency (FHFA) and the Office of the Director of National Intelligence (ODNI).

How might the Pfizer HQ incident impact office-to-residential conversions in NYC?

The structural failure at the former Pfizer headquarters, which led to evacuations, is causing renewed scrutiny of New York City's office-to-residential conversion strategy. This incident casts doubt on the safety and feasibility of using such conversions to increase the city's housing supply.

Realtor.com3h ago2 min read
More Than 10% of All Homes Sit Vacant, but Only a Tiny Fraction Are for Sale

Approximately 10.1% of all homes in the United States are vacant, with around 14.5 million houses sitting empty, according to a new analysis of U.S. Census Bureau data compiled by LendingTree. This widespread vacancy occurs amidst a deepening housing affordability crisis, yet a strikingly small fraction of these unoccupied properties are available for purchase. Fewer than 800,000 vacant homes are currently listed for sale. State-level vacancy rates vary significantly, with Maine reporting the highest overall vacancy rate at 21%, while Connecticut has the lowest at 7%. The report, authored by LendingTree's chief consumer finance analyst Matt Schulz, emphasizes that the number of vacant homes does not directly translate to increased housing availability for buyers or renters. A key distinction is made between vacant homes and those actively on the market. Several reasons contribute to a home being classified as vacant. Seasonal or recreational use accounts for 32.6% of these properties. Other categories include homes for rent (18.2%), homes for sale (5.5%), properties that have been sold but not yet occupied (4.1%), and those rented but not yet occupied (4.1%). A small percentage, 0.2%, are held for migrant workers. The most common classification for vacant homes, however, is "other," accounting for 35.9% of all vacant properties. This broad category encompasses homes awaiting estate settlements, legal proceedings, repairs, or unspecified personal reasons. Mississippi notably has a high proportion of homes falling into this "other vacant" category, with 9.1% of its total homes classified as such, representing 62.5% of the state's vacant housing stock. Real estate professionals in Mississippi, like Bang Realty broker Teresa Love, observe this trend, noting various reasons for properties remaining unoccupied.