New Rochelle experienced a 2% decline in median rent from 2020 to 2023, in contrast to rising rents nationally. The city's strategy involves allowing private housing developers to build new units, resulting in 6,500 approved housing units. This approach differed from New York City, which added only 38,000 new units in the same timeframe. New Rochelle's mayor emphasizes that their development success has enabled further investments in housing affordability, moving away from subsidies and public housing projects.
"New Rochelle's median rent actually declined 2% from 2020 to 2023, while median rent nationally was surging at a double-digit rate."
"The success of our development has allowed us to be able to invest and explore other opportunities around affordability."
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