Appendix: 1996 RGB Mortgage Survey

5. Retrospective of New York’s Housing Market

      Interest Rates      Number of      Number of
              for MF       MF Units       SF Units
Year       Buildings     Completed*     Completed*

1981           15.9%          7,468          2,013
1982           16.3%          7,820          1,825
1983           13.0%          7,292          2,580
1984           13.5%          8,786          2,768
1985           12.9%         11,127          2,975
1986           10.5%         11,929          2,922
1987           10.2%         10,472          3,552
1988           10.8%          8,792          3,475
1989           12.0%         10,229          2,650
1990           11.2%          5,214          2,214
1991           10.7%          5,145          2,064
1992           10.1%          4,950          1,993
1993            9.2%          2,838          1,669
1994            8.6%          1,393          1,961
1995           10.1%          3,444          1,201
1996            8.6%             **             **

Note:  Average mortgage rates for single family
       homes in New York City are not available;
       however, conventional mortgage rates usually
       fall below multifamily rates by 2-4%.

MF denotes multifamily and SF denotes single family.

Data is for first three quarters of 1995.

*  Data for the annual number of housing units
   completed in New York City is collected for
   the Primary Metropolitan Statistical Area
   which includes the five boroughs and Putnam,
   Rockland, and Westchester Counties.  Housing
   permits data collected on a county level was
   used to extrapolate the percent of housing
   completes in the five boroughs only.

**  Data is not yet available.

Sources:  Rent Guidelines Board,  Annual RGB Mortgage
          Surveys; U.S. Bureau of the Census