New York City’s Housing Plan Outpaces Goals
- Apr 30, 2015
New York—New York City Mayor Bill de Blasio’s housing plan to create 200,000 units of affordable housing in 10 years is exceeding targets, Gary Rodney, president of the New York City Housing Development Corp. (HDC), told executives attending the National Multifamily Housing Council’s Spring Board of Directors meeting.
Rodney said that a little over one year into the plan, 17,000 units were completed last year, exceeding the targeted production by about 1,000 units. Mayor de Blasio’s plan would cost $41.1 billion over 10 years. Funding will come from sources including HDC, private sector, the Low Income Housing tax Credit program, direct City housing subsidy program, and federal and state funding.
The key facts of the affordable housing crisis in New York City include the reality that the marketplace does not have an adequate stock of housing to accommodate the population of the city, which is projected to grow by 600,000 people in the next 25 years. Fifty-five percent of New York City households are “rent burdened,” and 30 percent are “extremely rent burdened,” said Rodney.
Another of the goals of the housing plan is to foster “diverse, livable” neighborhoods, and encourage more “income diversity” in the city’s affordable housing, he pointed out.
It is anticipated that about 60 percent of the 200,000 affordable units created under Mayor de Blasio’s plan will be achieved through preservation of existing units and 40 percent through new construction. Rodney commented that the overall plan is likely achievable since the targets are already being topped at this point.