Nonprofit developers are unique in the affordable housing sector as they reinvest development benefits back into their communities. New York City’s initiatives such as "City of Yes" and "City for All", along with a $1.5 billion state investment, aim to tackle the severe housing crisis. These efforts must also focus on supporting civic infrastructure, equity, and inclusion in housing investments. For the city's housing goals, significant public investments and diverse developers are essential to ensure public benefits from these investments are maximized.
Nonprofit developers, by virtue of their governance and ownership, are the only segment of the affordable housing sector that's required to reinvest their financial benefits of development back into their neighborhoods and people they serve.
New York City's "City of Yes" and "City for All" initiatives and the state's plans for a $1.5 billion investment to expand housing are welcome steps towards addressing the most severe housing crisis we have seen in decades.
Significant public investments will need to be made, and the public will need to rely on an array of developers to get this housing built.
We ought to be mindful that not every dollar of public investment has the same public benefit.
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