The Federal Reserve Bank of New York has released a case study representing the results of its 2022 survey of 15 investment managers, intended to gather information about the growing relationship between private investment vehicles and multifamily affordable rental housing.

The study indicates that, in the next 12 to 24 months, the surveyed investment managers intend to increase their spending on new construction by more than five times and to raise more equity than they have since 2017. The study also provides insight into which investors serve households earning above 60% of the area median income and which serve households below the 60% threshold, as well as a look into strategies that investment managers expect to employ to reduce building costs including increased use of energy efficient technologies.

The case study, authored by Jonathan Kivell and Maria Carmelita Recto, is an helpful look into the connection between private investment and the affordable housing market and has been released in advance of the NY Fed's upcoming March 27, 2023 event "Private Capital Investment in Multifamily Affordable Housing".