A major study by the Right to the City Alliance has found that over 600 residential construction projects in the five boroughs have been suspended for predictable reasons like lack of funds, absence of required certificates, violation of environmental regulations, etc.  

More importantly, many new apartments and condos are ready for residents, but are unlikely to sell because of their high prices. 

So, New York is in an absurd situation. New Yorkers are desperately in need of affordable housing while huge spaces are standing empty. And there is no guarantee that the situation will change in the next few years. 

The neighborhoods with the most suspended projects are downtown Brooklyn (Brooklyn Heights and Fort Greene) with 126, Bushwick with 108, Harlem with 99, the South Bronx with 93, and the West Village with 59.   

Dave Larson, an independent real estate expert, says that prices for new condos in New York are inflated one-and-a-half to two times. "Potential buyers are waiting for the housing market to crash completely, and developers do not want to lower their prices by even 5 percent to 10 percent.  This reminds me of the Cold War. Both sides are quietly biding their time while suffering losses." 

"Some residential spaces in New York have been empty for over two-and-a-half years," said Thomas James, a realtor. "It is very difficult to explain to potential buyers that no one has lived in these apartments since 2007. They'll immediately think that there's some kind of catch." 

Unfortunately, the city's administration continues to ignore the Big Apple's main problems. Mayor Michael Bloomberg said this week that he will help create 165,000 affordable units if he is re-elected for a third term. 

We have all grown accustomed to the mayor tossing empty promises around, but he has never said anything as fantastical as this. 

The current administration has put the city in a hopeless situation. New York has a record number of homeless. Unemployment continues to soar. Taxes and fees are going up. Small businesses are closing. From the look of it, the middle class will soon cease to exist.