New census estimates reveal that the population of New York City reached 8,491,079 in 2014, a figure that it is only about 60,000 short of previous estimates for the 2020 population. The estimates show that the population increased 52,700 between 2013 and 2014. If the population surge keeps up at its current pace, it will reach the 2020 estimate by early 2016.

But permits for new housing indicate that an influx of more than 52,700 people this year would not be surprising. Inventory is likely to remain tight with an upward pressure on prices.