New York needs to curb its housing costs if it wants to keep attracting young tech talent and grow Silicon Alley, a new report released today by Manhattan Borough President Scott Stringer states. The report, titled “Start-Up City,” outlines 11 ways to keep New York’s tech boom booming, including investments in education, such as financial aid for engineering students who agree to work for the city after completing their degree, increasing diversity in the tech sector and designing a new class of affordable housing, according to the reported, cited by Crain’s.
Stringer is asking the city to consider creating cheaper rental housing for young New Yorkers by subdividing the thousands of apartments that do not meet the city’s building codes but are not unsafe. The plan would require changes to current housing codes in order to legalize these “accessible dwelling units,” and would also encourage construction of new units.
“The problem of affordable housing has become one of the biggest obstacles to attracting talent to the city,” Kathryn Wylde, president of the Partnership for New York City, said. “Legalizing construction of accessory units aimed at young people is a very compelling idea.” [Crain's] —Christopher Cameron