3 thoughts on “City’s Housing Plan Moves Away from Bolstering Homeownership

  1. I think home ownership is the best thing for NYC. The outer borough neighborhoods of private homes are the best in the city. But maybe it’s better that the city drop it’s home owner programs because the city screws up everything it touches.

  2. The real problem is tracing HPD developers who have a bad record from construction defects, to donations to elected officials and their projects.

  3. Perhaps a more balanced approach is needed. If the concern is that some TIL units got sold for a profit that accrued only to the cooperative and owner, why not consider deed and profit restriction? Deed restriction could require, for example, that the unit only be sold to another low- to moderate-income borrower, or has to be resold back to an authority that will make it so?

    Perhaps to eliminate profit-taking, the owner could be limited to price gains of the inflation rate plus a margin, with any “”excess”” returned to an authority that supports or promotes more affordable housing, or if a lack of maintenance is an issue, back into rehab of the property itself, and so on? In general, homeownership tends to promote societal goals of neighborhood stability and more, but not everyone is well prepared for the financial rigors of homeownership or even property maintenance.

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