The Real Deal New York

Bill de Blasio’s 50,000 affordable apartments: A viable plan?

October 15, 2013 02:57PM

Democratic mayoral nominee Bill de Blasio’s plan to create 50,000 units of affordable housing in eight years is no secret. But what’s less clear is whether the goal is achievable and whether making the inclusion of such housing mandatory is the key to success.

Housing experts have been slow to outright condemn the viability of de Blasio’s ambitious plan, but say it has not been successful elsewhere.

Since a mandatory inclusionary zoning law went into effect in San Francisco in 1992, 1,463 affordable apartments have been completed. Denver’s program has produced 1,133 affordable properties since 2002, and Boston has created 181 inclusionary apartments in 23 buildings since 2009.

“I didn’t think it has been a game changer everywhere, and I don’t think it is a game changer here,” Vicki Been, director of the Furman Center for Real Estate and Urban Policy at New York University, who has studied inclusionary zoning programs across the U.S., told the Wall Street Journal.

The real factor, experts say, isn’t whether such a program is voluntary or mandatory but whether it works for developers.

“We don’t object as long as the numbers make sense,” Steven Spinola, president of the Real Estate Board of New York, told the Journal.

De Blasio, who unveiled his affordable housing plan in April, attributed the 50,000-apartment estimate to a study by the Association for Neighborhood and Housing Development, an organization that represents nonprofit housing developers.

When the Journal asked the de Blasio camp for more details on his program, the campaign described a scaled-down plan that would not be citywide. [WSJ]Julie Strickland

  • Joey

    deblazzio!!!!

  • 1Lionel

    de Lusional

  • SlickExpat

    Pandering vote buyer

  • David Weinstein

    DeBlasio is a advocate and in no position to run this city. There might be a chance if we don’t vote for him, unless we want to go to the Dinkins era. Also, please Bloomberg back. Also, please make sure Deblasio doesn’t win.

  • ThomasSowell

    DeBlasio is the textbook definition of an ideologue. I don’t doubt for a minute that he has the best of intentions, but his tactics are guaranteed to fail – GUARANTEED. The more the central planners’ plans fail, the more the planners plan. Round and round we go, where we stop, nobody knows. Layers upon layers of bad policies when the answer is to get government out of housing. Same goes for health-care. Same goes for education. Tax and spend. Subsidize. Regulation upon regulation. All of it the product of failed ideologies and built on the false premise that you can do good with other peoples’ money. If government could deliver on all of these false promises, and we have been trying for decades, don’t you think we would have achieved this nirvana by now? Maybe, perhaps, we should try something different???

  • KG18

    so the article says they based it on Boston and San Fran and they come up with 50k??? I think they need to re-do their numbers because they are WAY off.

  • Teo Messi

    DiBlasio will be a disaster for NY

  • Name

    Avg rent in nyc is only cost 3K / month, it should be at least 6 K or 7 K, brokers need to eat to!