A proposed plan would create 200,000 new affordable, rent-stabilized housing units and preserve another 200,000 over the next decade. The plan is estimated at $22 billion, including $5.6 billion for the New York City Housing Authority, and would require wages of at least $40 per hour on affordable housing projects. The proposal also allows the city to take legal action against negligent landlords and potentially transfer chronically neglected properties to nonprofits or community land trusts. Real estate and business leaders support expanding housing but express concern about wage requirements and increased government oversight. Critics argue that heavy regulation could push developers and investors to other cities and that the city has struggled to manage public housing conditions.
"Developers, the private investors, the people with capital, that they're better off in other cities than the ones with huge amounts of regulation. And you've seen it. You've seen that all across the country,"
"New York City has a big housing shortage. It has a big opportunity to grow as well. But you got to be careful with regulation and government overreach,"
"New York City is actually the biggest slumlord in the city of New York. We have 350,000 people living in New York City housing authority projects... When you look at these facilities, there's mold... leaks... roden"
#housing-policy #affordable-housing #real-estate-development #regulation-and-wages #nyc-public-housing
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