The Real Deal New York

This month in real estate history

1926: Historic state affordable housing law signed

May 22, 2014 04:30PM
By Adam Pincus

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Abraham Kazan

Abraham Kazan

From the May issue: New York Gov. Alfred Smith put his signature to a housing measure 88 years ago this month that authorized the creation of the nation’s first quasi-governmental companies to develop affordable rental apartments.

The law, the Limited Dividend Housing Companies Act, provided for entities that capped the amount of profit investors could earn on a housing project, in conjunction with affordable rents and the power of eminent domain. [more]