Goldman Sachs will fund a $270 million affordable housing project to build 385 apartments in East New York, as announced by New York Gov. Kathy Hochul's office. This project is part of efforts to address the housing affordability crisis in the city. The initiative includes commercial space and aims to improve the neighborhood's livability for families. Zohran Mamdani, a Democratic mayoral candidate, is advocating for increased public investment in affordable housing to significantly boost the city's production of rent-stabilized homes over the next decade. Goldman Sachs has invested nearly $11 billion in affordable housing projects statewide.
This project is helping us fight the housing affordability crisis while also prioritizing improvements that will make the neighborhood more livable for families.
Our investment is a down payment on East New York's potential, creating thousands of high-quality, affordable homes and essential services that will fuel the economic vitality of the community.
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