In recent years, housing prices have risen significantly on Long Island, posing barriers for potential homebuyers.
Inflation following the COVID-19 pandemic has contributed significantly to these rising prices. The pandemic disrupted supply chains globally, causing there to be less construction material available and limiting the ability to build new housing on Long Island. Along with this, homeowners are less willing to sell their homes due to high mortgage rates, causing less homes to be on the market.
In particular, Patchogue has been facing challenges as a result of insufficient space to build homes. Village leaders secured support to extend the town’s sewage pipes beyond its current borders, allowing for new opportunities to build housing. In May of this year, fewer than 5,000 houses were available across all of Long Island. Previously, there had been almost five times as many houses on the market.
The housing crisis persists despite overall economic growth. According to the Bureau of Economic Analysis, the United States GDP has risen to $29.35 trillion in 2024, up from $25.74 trillion at the peak of inflation in 2022. These figures indicate that the United States economy has grown, on average, throughout its recent history. However, this supposed prosperity has not translated into increased housing accessibility on Long Island.
A factor that has contributed to the affordable housing crisis is the lack of new construction, building spaces, funds and rental units. Housing construction projects aren’t being funded as much, resulting in a higher demand for the houses that are being built. The increased competition has pushed up prices past the point many local residents can afford.
The housing crisis on Long Island is a serious problem that needs to be addressed by policymakers. Unfortunately, as supply decreases, the number of people looking for affordable homes is only increasing and so is homelessness.
