Affordable housing developments frequently exceed the stated price promises per unit. The Elmcor development has 55 units priced at approximately $936,000 each, which exemplifies typical project costs. Various factors contribute to inflated costs, including community space and lack of union labor. Political promises for affordable housing may not align with reality, as the feasibility of substantial rent freezes and tax reforms remains uncertain. Campaign promises often paint an optimistic picture, while governance demands stringent adherence to financial realities.
The 55-unit Elmcor development at 43-12 50th Street in Woodside has a $51.5 million price tag, about $936,000 per unit. This is fairly typical.
For all affordable projects in the city, the cost divided by the number of units is always well over the $500,000 promised by Zohran Mamdani, the probable next mayor.
Mamdani campaigned in fiction, but will have to govern in facts. This bothers real estate people that he won the primary by making promises he can't deliver.
Some voters believed he could freeze all rents, raise taxes on the rich, and build 200,000 units of social housing for $100 billion.
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