Despite Challenges Posed by Economy, NYC Will Carry Out Plan to Build and Preserve 165,000 Affordable Housing Units by 2014

New York–Mayor of New York, Michael Bloomberg, today reiterated his commitment to make the New Housing Marketplace Plan successful even in a weakened economy. The plan is to build and preserve165,000 units of housing–enough for half a million New Yorkers – by the year 2014.

It was originally announced in 2002 and later expanded in 2006. Given what happened in the housing and financial markets last year, the question of whether the city would be able to implement the plan successfully was a question on many New Yorkers’ minds.

“Of course, many people, including many of you here today, have asked yourselves, and asked us, too: With all the difficulties in the market, and with the hard budget choices government faces, can New York keep it up?” Mayor Blooomberg said in a statement. “Or like cities across the nation, will we have to scale back? Will we have to compromise the goals? I’m here today to give you a one-word answer: Fuhgeddaboudit. We’re not cutting back.  We’re not turning back. We’re still on course to hit our affordable housing targets on time,” he added.

He went on to say that we’re now operating in an environment with decreased private market equity. “To meet our aggressive goals in spite of these conditions, we are pumping $1 billion more into the New Housing Marketplace Plan, raising the total investment to $8.5 billion,” he said.

The plan will be accomplished through a four-point strategy which Bloomberg also went on to elaborate. To read in detail about it, click here.

1. Creatively exploiting private market forces;
2. Vigorously combating residential foreclosures;
3. Employing innovative – and fiscally responsible – financial management;
4. Capitalizing on the combined talents and resources of government agencies and our private and non-profit partners.