De Blasio and NYCHA actively planning on selling NYCHA land/privatization (low income, section 8)

[NyWriterdude]

NYCHA: Some public housing land could be sold | POLITICO

So basically NYCHA is going over it's real estate portfolio and examining what it will lease to developers and what it will SELL to developers. Of course we know much of the leases and sales are going to be in Manhattan.

But the outer boroughs aren't spared. At least one housing project in Far Rockaway will use a federal program to be converted into Section 8 based housing (this allows them to seek private investment). The contract on the Section 8 housing lasts for 15 years. I wonder what happens then?

[NycLaidBack]

What happens next is that these tax payer funded housing units gets privatized, low income tenants become the owners of these homes, sell them for market price, hide the money and apply for affordable housing all over again.

That's what they did to the Trump buildings in brooklyn several years ago, now the 1bedroom apts fetch for 200-300k.

[scatman]

Originally Posted by NycLaidBack

units gets privatized, low income tenants become the owners of these homes........

Y'all know that this idea comes from the late, great, Jack Kemp, right?

[barkomatic]

I think this is only the beginning. NYCHA is in such a dire financial state that it's unlikely that simply leasing some of their land to developers will be enough to keep the buildings from being condemned. I think the entirety of the city's public housing system is a political and social time bomb waiting to explode--though it may take another 10 years or so.

The only thing that can save NYCHA is an old fashioned, federal government funded bailout with continuous funding after that. The chances of that are non-existent.

[NyWriterdude]

Originally Posted by NycLaidBack

What happens next is that these tax payer funded housing units gets privatized, low income tenants become the owners of these homes, sell them for market price, hide the money and apply for affordable housing all over again.

That's what they did to the Trump buildings in brooklyn several years ago, now the 1bedroom apts fetch for 200-300k.

Low income tenants do not become owners of these units. Think Stuytown. That was affordable housing and the tenants were not able to buy it. A new developer bought it. Of the NYCHA units that NYCHA already sold a 50% state to a developer in, the residents do not get to own those units either. Stuytown may very well one day become condos but the residents living there pre sale won't be the buyers.

When I said what happens next I meant where would they move people either after the 15 year contract expired (of the project in Far Rockaway that is about to get privatized).

[chosen_one1]

How would the low income tenants become the owners if the building is being bought privately ?