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Opinion:
The New York City Comptroller Scott M. Stringer is a Dictator that would have made Fidel look like a kid playing hooky from school.
I can sure bet he has no investments in New York City Realty that would be subjected to his iron fist demands.................
The 421 tax incentive was created because at one time, NYC was getting very little new housing development. This was created to incentivize the creation of new housing. This was a time when NYC was losing population and the housing stock was old and dilapidated.
Somewhere along the way, people decided urban living was trendy again and the rush to come back to the city was on again. Capital flowed into the city and new housing starts skyrockets. The city no longer needs to provide the incentive so they did away with it, at least the original version of it.
Now, with so much new progressive legislation from bail reform to rent laws changing the quality of life in NYC for the worse, people are leaving the city again and new housing permits are declining as well. Give it a few more years and we will be in full circle mode, i.e. not enough housing development and the city will want to provide some kind of incentive again.
The plan also calls for the end of the 421-a tax subsidy program for developers
With no financial incentive to developers, none of them will provide "affordable housing."
Average of 60% AMI needs to be amended to "MAXIMUM of 60% AMI." Nobody earning 120 or 150% of AMI should get so called "affordable housing."
You realize since your pals in Albany removed luxury and high income decontrol people making bank can keep their below (even well below) market rate RS apartments. You know that, don't cha?
You realize since your pals in Albany removed luxury and high income decontrol people making bank can keep their below (even well below) market rate RS apartments. You know that, don't cha?
Yes, but that isn't the current topic, doncha know?
With homeownership at half of what it is compared to the rest of the country, a new proposal has been submitted to make housing more affordable for low-income New York City residents.
On Jan. 29, New York City Comptroller Scott M. Stringer announced a five-borough housing strategy. The strategy, called ‘Housing We Need,’ aims to realign New York City’s approach to the housing crisis, including establishing a universal requirement for 25% permanently low-income affordable housing in all new as-of-right development with ten or more units.
The plan also calls for the end of the 421-a tax subsidy program for developers, which costs the city more than $1.6 billion per year, as well as the expansion of affordable homeownership programs, the redirection of existing capital dollars to extremely and very low-income housing construction, and the creation of a New York City land bank that would facilitate the process of turning vacant city-owned properties into affordable housing.
“The power in this approach lies in its simplicity: if you’re going to build in New York City, you will provide affordability that is sustainable,” said Stringer. “You will be part of the solution. No longer will developers be able to use affordable housing as a bargaining chip with communities.”
An analysis by the Comptroller’s Office found that the “affordable” housing created by “Housing New York” is too expensive for as many as 435,000 of the city’s most severely rent-burdened households. Of the newly constructed housing in the 2019 fiscal year, only one third of the units available reached the extremely low and very low-income households. Additionally, the analysis found that nearly 565,000 New York households pay over half of their income for rent, are severely overcrowded, or have been in homeless shelter for over a year. Most of the housing built under the City’s ‘Housing New York’ plan, according to the analysis, is set at 80% of HUD-defined Area Median Income (AMI), or households making up to approximately $77,000 a year, or higher.
With most of the housing being unaffordable for local residents, Stringer’s plan is to bring universal housing would be set at an average of 60 percent of AMI (household income of $58,000 a year for a family of three), or two parents making minimum wage and raising a child. Additionally, ten or more units across New York City will be legally required to set aside at least 25 percent of its units or the floor area, whichever is greater, for permanent low-income affordable housing.
“This is the housing that helps families that are one paycheck away from losing their homes.” said Stringer. “This is the housing that gets New Yorkers out of shelters. This is the housing that empowers folks to climb the economic ladder to security and stability. This is the housing we need.”
Opinion:
This is the city's response. Cheaper to dump the burden of housing the impoverished onto private land owners as it wants out from their miserable failure at N.Y.C.H.A. There isn't a landlord dumb enough in New York City to support this sham until the laws change and judges begin siding with landlords. It is less risky for a landlord to keep an apartment empty than it is to rent it out to a family that can do as they wish knowing the city will back them up 100% under current laws...................
Opinion:
This is the city's response. Cheaper to dump the burden of housing the impoverished onto private land owners as it wants out from their miserable failure at N.Y.C.H.A. There isn't a landlord dumb enough in New York City to support this sham until the laws change and judges begin siding with landlords. It is less risky for a landlord to keep an apartment empty than it is to rent it out to a family that can do as they wish knowing the city will back them up 100% under current laws...................
Technically with last year's takings clause supreme court ruling, the laws did change.
Wronged owners of assets are now free to bypass local courts which used to stonewall them and take their grievances directly to the Federal court system. There's going to be a lot of action going forward in overturning this sort of thing
Let's have a REAL TAKING: All housing belongs to the PEOPLE.
Sure, and while we're at it let's just combine all the bank accounts in the country and divide the money equally among all the people (especially drug users, criminals, and poor illegals)
LMAO
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