New York’s homeless population could be slashed by 23 percent if not for restrictive local housing regulations, a study released Monday by the Trump administration’s Council of Economic Advisers claims.
“Over-regulation of local housing markets have reduced supply and raised prices, making the cost of homes out of reach for many people,” said CEA acting chairman Tom Philipson, describing the findings outlined in the 41-page report.
Even basic regulations including zoning restrictions, rent controls and energy-efficiency mandates contribute to higher housing prices, which in turn freeze out some who might otherwise be able to afford a roof over their heads, the study found.
That effect is felt particularly acutely in the five boroughs, where, according to Philipson, “over 20 percent of people sleeping in shelters in the United States are found … though the city represents 2.6 percent of the US population.”
Researchers projected that by stripping all cost-inflating regulations, New York’s homeless population — listed in the report as over 92,000, even though the most recent city count had it around 58,000 — could be reduced by 23 percent.
That effect could be even more pronounced in other big cities with burgeoning homeless populations, including San Francisco, which might see its tally more than halved, the study claims.
“Almost half (47 percent) of all unsheltered homeless people are found in the State of California, about four times as high as California’s share of the overall U.S. population,” the report states. “Rates of sheltered homelessness are highest in Boston, New York City and Washington, D.C., with New York City alone containing over one fifth of all sheltered homeless people in the United States.”
Even if the litany of offending regulations were ripped off the books, it “would take many years to translate into the types of price reductions, and thus homelessness reductions, shown here,” the study concedes.
City Hall did not immediately respond to a request for response to the study.
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