(May 28, 2025) A new joint report released by the Westchester County Association (WCA) and Regional Plan Association (RPA) – both partners of the Welcome Home Westchester campaign – reveals the potential devastating economic impacts of failing to build the housing the county needs.
Unveiled at WCA’s Real Estate Summit ‘25 on May 21, “Building Growth: The Economic Impact of Addressing Westchester’s Housing Crisis” demonstrates the severe impact on the county’s economy if municipalities do not increase the rate at which they are building new, much-needed housing.
The report found Westchester presently has a shortfall of approximately 21,000 units, which could increase to a deficit of 44,000 – 77,000 by 2040.
Even with a 1 percent annual growth in the county’s housing stock, Westchester won’t reach the projected housing needs over the next 15 years, according to RPA Executive Vice President Kate Slevin, who presented the report alongside WCA’s President and CEO Michael N. Romita.
“We really need our local leaders to step up and need the state to take more action. We are behind our peer states,” said Romita. “This report confirms what we’ve been sounding the alarm about: housing isn’t just a social issue—it’s an economic one.”
Failing to increase the housing supply more rapidly means Westchester County could lose:
● 8,400 to 12,000 jobs annually
● $533 million to $742 million in annual earnings
● $32 billion to $57 billion in Gross Domestic Product by 2040
Other factors including climate change, which is projected to destroy up to 12,363 existing Westchester County homes by 2040 according to RPA’s recent “Averting Crisis” report, further exacerbate the housing shortage.
“Our research shows that progress has been made to create more homes in walkable, transit oriented neighborhoods, but more must be done to address the County’s historically low vacancy rate,” Slevin said, noting that the 1.9 percent current vacancy rate is well below a healthy 5-8 percent.
Westchester County Executive Ken Jenkins stated, “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. 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.”