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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.”
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.”
Judging from experience in San Francisco (where a very modified and incomparably milder version of this exists, ie, developers of specific buildings may get a building permit only if they set aside a % of affordable units - but it is not a universal law), the effect of such a genius measure in NYC would be likely a drastic decrease in new residential building construction, as well as mass repurposing of rental buildings into something different (eg, condo/co-op conversion)... leading to worsening of affordable housing shortage. The measure would actually be favorable to me - because a massive conversion of older rental buildings to co-op or condo buildings would actualy decrease the sale price of such units, due to a relatively sudden flooding of NYC property market by such units... which would bring the price of the units to the range more affordable to upper middle and middle class owners, but not accessible to lower income renters (since the buildings would no longer contain rental units). In short, NYC would look more like San Francisco, in terms of more housing ownership by middle/upper-middle income people, and a seriously low amount of rental property, affordable or otherwise. Suits me just fine... but I don't think the effects would be what Stringer is describing, and what the voters who vote for Stringer types think :-).
Basically the plan is to make the supply even worse than it is. It won't work unless the city plans to build and buyout buildings and manage it themselves. Which will be just as costly as running jails. Many building owners would rather keep apts vacant than to rent out to affordable renters. I see no good future with these proposition as government involvement in real estate usually end in disasters such as the projects.
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.
What the hell, so Stringer is going full communist now ???
Private land owners lose their rights and must give free subsidies for nothing in exchange??
This is seriously f'd up, supreme court will drop the hammer on this if it ever passes
What the hell, so Stringer is going full communist now ???
Private land owners lose their rights and must give free subsidies for nothing in exchange??
This is seriously f'd up, supreme court will drop the hammer on this if it ever passes
I think this is actually a good plan. If some version of this goes through, the real estate market in NYC will get so bad that we might have a chance of voting these people out. The rents will go through the roof with no new supply and even more capital flight out of NYS. Its better to get a short shock therapy with these crazy schemes, then getting slowly strangled out as what is happening now.
I think this is actually a good plan. If some version of this goes through, the real estate market in NYC will get so bad that we might have a chance of voting these people out. The rents will go through the roof with no new supply and even more capital flight out of NYS. Its better to get a short shock therapy with these crazy schemes, then getting slowly strangled out as what is happening now.
There is so much tax money coming from Wall street that will cushion the blow from property tax loss. NYC needs a recession or major tax revenue hit to reverse these bad legislation.
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.”
Is it really necessary to cut and paste virtually entire article for these posts? A simple headline, brief summation and link seems far more efficient.
Some say, they don't want to click the link or it doesn't come up & they'd rather read it straight from the thread. Now...if you don't want to. No one's making you...
There is so much tax money coming from Wall street that will cushion the blow from property tax loss. NYC needs a recession or major tax revenue hit to reverse these bad legislation.
exactly!
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