"We cannot take on the housing crisis without confronting one of the fastest-growing costs facing New Yorkers: insurance. That's why we're creating the first city-backed insurance program to help New Yorkers stay in their homes, give building owners the support they need to make repairs, and build a city that New Yorkers can actually afford."
"According to the release, every $100 increase in insurance costs requires $1,200 more in city capital in new affordable-housing transactions. The city's goal is to use the city's purchasing power to lower insurance premiums."
"Soaring insurance costs have been described as a market failure that has gone uncorrected for too long, necessitating this new program to address the issue."
Mayor Zohran Mamdani announced a city-backed insurance program designed to lower property and liability premiums for affordable housing and rent-stabilized buildings. The initiative could reduce costs for 20,000 homes by 2027 and 100,000 homes by 2030. Insurance costs for this housing stock have tripled since 2017, significantly impacting building operating costs and affordable housing spending. The program aims to help New Yorkers remain in their homes and support building owners in making necessary repairs, while also becoming self-sustaining over time.
Read at www.amny.com
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