The Real Deal New York

De Blasio makes strides toward affordable housing goals

But deregulation threatens to undermine preservation efforts, says HPD commissioner
July 10, 2014 03:10PM

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