This study finds that New York City's housing gap--the difference between population and available housing--continued to grow between 1999 and 2002, rising to more than 111,000 units. The core problem facing New York City is that housing production continues to lag well behind population growth, particularly in the outer boroughs. Indeed, compared to its peers amongst large American cities, New York's housing market is the least advantageous, with one of the oldest and most expensive housing stocks in the nation. There are a number of forces restraining New York']s housing production, but among the most significant are its onerous land use regulations and excessively high construction costs.