“For many nonprofit building owners like us, it is not a question of if we will be able to keep these buildings as supportive housing; rather, it is a question of how long we can afford to.”
With under two months left on the clock, the administration is not taking steps to fully implement a package of bills that would expand rental voucher eligibility among New Yorkers facing eviction.
Local Law 97 is one of the most ambitious—and divisive—climate measures enacted in any U.S. city. While some co-op boards see the mandate as an opportunity to make sustainable upgrades to their buildings, others say it will drain their financial reserves.
The so-called Fair Housing Framework, sponsored by City Council Speaker Adrienne Adams and passed unanimously by the Council Thursday, will task city agencies with creating a housing plan every five years that includes production targets for each of city’s 59 community districts—though stops short of mandating development.