“New York finally has a big, bold, and brave plan to really make the state affordable. It will attack the lack of housing supply, the inequitable distribution of housing, and the reticence of some local leaders to do their part.”
‘Universalizing Section 8 would address poverty, boost the economy, and even stimulate affordable housing production–ultimately benefiting everyone, not just the recipients.’
‘We call on the next mayor to invest… $2.5 billion for affordable housing rental and homeownership opportunities and $1.5 billion for the New York City Housing Authority (NYCHA), and to move the city’s reporting structure away from raw production totals and into more meaningful areas, including racial equity and levels of affordability.’
If the 4 percent rate had been fixed, the same set of affordable housing projects that lost $51 million in equity this year would have raised $240 million instead, helping to finance 1,700 affordable units in New York City.
As the city nears a homeless shelter population of 60,000, it’s clear that a new generation of supportive housing is needed. And a federal trust fund is about to give Gov. Cuomo and Mayor de Blasio a way to deliver it.