Groups See Severe Economic Consequences Ahead
In Westchester if Current Housing Shortage Persists
By JOHN JORDAN
RYE, NY—A newly released report by the Westchester County Association and the Regional Plan Association estimates that the county currently has a large housing shortfall, and it’s likely to face severe economic fallout if it doesn’t address the issue. The price tag in future years could be thousands of lost jobs and tens of billions of dollars in gross revenues lost.
The findings of the “Building Growth: The Economic Impact of Addressing Westchester’s Housing Crisis” were originally released at the Westchester County Association’s Real Estate Summit held on May 21 at the Westchester County Club in Rye.
The report warns that if Westchester fails to address its growing housing shortfall, the county could lose between 8,400 to 12,000 jobs annually and $533 million to $742 million in annual earnings. The price tag would total between $32 billion and approximately $57 billion in Gross Domestic Product by 2040.
Westchester County Executive Ken Jenkins said: “Westchester County understands that there is a real, critical need for more housing opportunities if we want to move in tandem with the development that has been occurring across the economic sector. Since our administration first took office, we have made it abundantly clear that housing—and the availability of all kinds of housing options—would remain a top priority. Our recent investments in housing align with our long-term strategy to address housing needs, and provide stability for families who are looking to build their futures here.”
Westchester County Association President & CEO Michael N. Romita said, “This report confirms what we’ve been sounding the alarm about: housing isn’t just a social issue—it’s an economic one. If we want Westchester to remain competitive, if we want to support our workforce and fuel the incredible momentum we’re seeing in sectors like healthcare, we must prioritize smart, sustainable housing development.”
Mr. Romita noted that if the county and its localities achieve the governor’s Pro-Housing goal of increasing their housing stock by 1% each year, the shortfall, which is now at 21,000, would not be as drastic. In November 2019, Westchester County released its Housing Needs Assessment report that calculated a shortfall of new affordable housing units of 11,703.
Mr. Romita said the report clearly shows the economic benefits of housing development that would make Westchester a desirable location to do business. The lack of progress in filling the housing affordability gap, would have the reverse effect on the county’s economy and business climate, he added. To access the full RPA report, go to: https://rpa.org/work/reports/building-growth
Published: June 5, 2025