Zohran Mamdani: “Our vacancy rate currently stands at just 1.4%, meaning only…”

“Ask any New Yorker that same question about housing and their answer will be an immediate no. Housing is the leading driver of our affordability crisis. The numbers, frankly, tell a grim tale. Our vacancy rate currently stands at just 1.4%, meaning only one in 70 rentals is available at any given time. For affordable homes, that number is even lower. And there are far too many hurdles preventing us from developing more affordable housing. Bureaucratic red tape, outdated technology, redundant processes that have accumulated over the decades.” (03:20–03:28)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.