"Today, we offer more evidence that mayoral candidate Zohran Mamdani's pledge to build affordable housing for $500,000 per unit (with union workers) is off by a factor of two. The latest examples are the $150 million redevelopment of Parkway Hospital in Forest Hills, which will yield 145 units of affordable and senior housing, and New Destiny Housing's $57 million Bronx development with 72 units, including 43 for domestic violence survivors."
"The typical cost of nonunion-built affordable housing in the city is about $800,000 per unit. Mamdani's union construction would cost more, if affordable housing developers actually built that way. Which they don't. As is customary with affordable housing, funding for the Queens and Bronx developments was patched together over several years from a plethora of sources. Foxy got a $37.5 million construction loan from TD Bank, a $40.1 million permanent loan from Community Preservation Corporation, a $70.7 million loan from HPD's Senior Affordable Rental Apartments program, $18.24 million in federal HOME funds, and $3.625 million from state agency Homes and Community Renewal."
Mayoral candidate Zohran Mamdani pledged to build affordable housing for $500,000 per unit with union workers, but current projects indicate costs are roughly double that. The $150 million Parkway Hospital redevelopment will yield 145 affordable and senior units, and New Destiny Housing's $57 million Bronx project will produce 72 units, including 43 for domestic violence survivors. The Queens project includes community space, preventing a simple per-unit cost calculation. Typical nonunion-built affordable housing in the city costs about $800,000 per unit; union construction would likely cost more. Project financing was assembled from many sources over years, increasing time and fees.
Read at therealdeal.com
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