New York City has seen new housing production fall far behind other major cities such as Seattle and Washington, D.C., in the past decade, according to a Citizens Budget Commission study.

The study pinned the slowdown on, among other factors, restrictive zoning rules, out-dated building codes and a "distortionary, opaque, and inequitable property tax system" that taxes multifamily buildings at a higher rate than similar multifamily housing.

All those factors have helped lead to a shortage of affordable housing within the city, which now has the ignominious distinction of having the most expensive rent in the nation.