De Blasio makes strides toward affordable housing goals

But deregulation threatens to undermine preservation efforts, says HPD commissioner

New York /
Jul.July 10, 2014 03:10 PM

As the de Blasio administration rounds the six-month mark, more than 8,700 units of affordable housing have already been financed.

The number signals that the new mayor’s goal to build or preserve 200,000 units of such housing is off to a strong start, with about $250 million in city investment going toward 2,600 new units and the preservation of another 6,140. But the housing commissioner warns that deregulation threatens to thwart efforts on the preservation front.

“The tide of deregulation needs to stop,” Department of Housing Preservation and Development Commissioner Vicki Been told Crain’s. “We hope to work with our partners at the state and get a handle on that, as rent regulation is coming up for renewal in Albany.”

Financing in the administration’s first six months went toward a 422-unit Mitchell-Lama co-op in Brooklyn Heights, enabling the facility to remain affordable for the next 20 years. But other complexes with rent-regulated units, such as the 11,200-unit Stuyvesant Town-Peter Cooper Village, could fall out of the system, Been said.

On the new-unit front, the de Blasio administration has pumped funds into projects like CAMBA Gardens II, a 293-unit affordable and supportive housing development at 560 Winthrop Street in Crown Heights, as well as a 134-unit, mixed-income property at 810 River Avenue in the Bronx. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)
Workforce housing investor gets $320M boost
Workforce housing investor gets $320M boost
(iStock)
No check, please: Restaurants grapple with confusing Covid inspections
No check, please: Restaurants grapple with confusing Covid inspections
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)
Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Sen. Charles Schumers aid President-elect Joe Biden agreed to assist NYC. (Getty)
NYC loses $2.5B in property taxes, gets $1B from FEMA
NYC loses $2.5B in property taxes, gets $1B from FEMA
Mayor Bill de Blasio and the carousel at Central Park (Getty)
Three Trump Org contracts de Blasio canceled were about to expire anyway
Three Trump Org contracts de Blasio canceled were about to expire anyway
Ray McGuire photographed by Axel Dupeux.
The Closing: Ray McGuire
The Closing: Ray McGuire
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...