From the October issue: The New York City Housing Authority has picked the first two sites where developers will build market-rate housing on public land as part of Mayor Bill de Blasio’s 10-year affordable housing plan. Wyckoff Gardens in Boerum Hill, Brooklyn, and Holmes Towers on the Upper East Side will be the first projects to take part in the plan, dubbed “NextGen Neighborhoods” and spearheaded by NYCHA Chair Shola Olatoye, Politico New York reported.
NYCHA’s solution for addressing its $17 billion in capital debt is to add new units on its land to generate cash. In all, plans call for 7,500 units — half affordable, half market rate — over 10 years. [more]