Opinion: A Common-Sense Solution to New York City’s Affordable Housing Crisis

“Unlike many housing programs that depend on uncertain federal funding, the Affordable Housing Retention Act is a state-level solution that ensures lasting affordability.”

New York City’s housing crisis is no longer a distant threat—it is an urgent reality reshaping the lives of countless residents.

As the cost of living skyrockets, working families are being priced out of their neighborhoods as once-affordable rental units transition to market rates. At Habitat for Humanity NYC and Westchester County, we witness the devastating impact of this crisis every day. Families who have lived in their homes for decades suddenly face impossible rent hikes. Renters who have diligently saved for a home find themselves priced out of the city entirely.

But there is hope. A new proposal before the State Legislature, the Affordable Housing Retention Act (S1354/A4954), sponsored by State Senator Cordell Cleare and Assemblymember Harvey Epstein, offers a groundbreaking market-driven solution to preserve affordability and expand homeownership opportunities for working families. And New Yorkers overwhelmingly support it.

Unlike many housing programs that depend on uncertain federal funding, the Affordable Housing Retention Act is a state-level solution that ensures lasting affordability. It accomplishes two crucial goals: preserving expiring affordable rental units and creating a viable path to homeownership. This proposal would grant both market-rate and affordable renters in qualifying buildings the opportunity to purchase their homes, helping them build equity and stay rooted in their communities.

With renters making up 70 percent of New York City residents, concerns about the future of affordable housing are widespread. A recent poll conducted by The Parkside Group on behalf of Habitat NYC and Westchester found that of the 800 voters surveyed, more than 80 percent support this plan.

After learning additional details—such as how the proposal would ensure long-term affordability for at-risk apartments and allow landlords and developers of qualified buildings to sell units directly to renters interested in homeownership—support increased to 86 percent, with a staggering 75-point margin between supporters and opponents. These numbers send an unmistakable message: New Yorkers want immediate legislative action.

The stakes are high. Thousands of affordable housing units are at risk of becoming market-rate, making them unaffordable to the very families who rely on them. The numbers paint a stark picture: 69 percent of renters say they do not own a home because it is simply too expensive. Nearly half of renters expect to leave the city in search of homeownership opportunities elsewhere. Two-thirds of renters aspire to own a home in their current neighborhood, yet only one in three believe it will ever happen. With housing costs spiraling out of reach—averaging $900,000 for a single-family home—this bill presents a critical opportunity to reverse the tide.

New York City is in the midst of an unprecedented housing crisis—one that will only worsen if affordable units are lost and become market-rate. In some cases, this shift could lead to rent increases of up to 10 times the current cost. That is simply unacceptable. The Affordable Housing Retention Act provides a fair, sustainable way to protect affordability while fostering new opportunities for homeownership.

New Yorkers have spoken, and their message is clear: they demand real solutions to the housing crisis—and they demand them now. The time for action is long overdue. Albany must heed the voices of working families and pass this common-sense legislation before more New Yorkers are forced out of the communities they love.

Sabrina Lippman is the CEO of Habitat for Humanity NYC and Westchester County.