De Blasio changes housing goals at the expense of the middle class

City adds new requirements for developers receiving certain subsidies

New York /
Jul.July 25, 2017 08:38 AM

The de Blasio administration has quietly changed its housing plan, adding new requirements that will cater to lower income tenants and reduce units set aside for the middle class.

The latest budget added $1.9 billion to increase the mayor’s affordable housing goals from building or preserving 40,000 units over the next 10 years to 50,000 units. The administration has also tweaked the number of units dedicated to moderate and middle income tenants —  three-person households making $69,000 to $141,735 — by reducing planned subsidized homes in this range from 44,000 to 39,000, Politico reported.

The Department of Housing Preservation and Development recently added requirements for developers receiving certain public subsidies. For a program that encourages mixed-income housing, developers must now set aside 10 percent of their units for tenants making 30 to 50 percent of the area median income. Many of the programs also now require developers to set aside 10 percent of their subsidized units for formerly homeless tenants.

Various groups have criticized the mayor’s initial housing plan for targeting middle-income tenants, arguing that the program failed to adequately help the city’s poorest residents. Administration officials said the changes weren’t inspired by such criticism but a willingness from developers to increase affordability.

“There’s an appetite for it,” Deputy Mayor Alicia Glen recently told reporters. “We weren’t sure there would be developers who would be even willing with the additional incentive to do that level of affordability.”

Under de Blasio, who is up for reelection, the city has so far financed 77,651 new and preserved apartments. 12.5 percent of those homes went to households earning between $104,000 and $142,000, and 14.8 percent went to families making less than $25,770. [Politico] — Kathryn Brenzel 


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
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
President-elect Joe Biden's relief plan focuses on the coronavirus and opening schools. (Getty)

Biden’s $1.9T package would extend eviction ban, boost rent relief

Biden’s $1.9T package would extend eviction ban, boost rent relief
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
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
Eric Trump and Donald Trump Jr. with President Donald Trump (Getty)

These are the companies dumping the Trump Organization

These are the companies dumping the Trump Organization
arrow_forward_ios

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

Loading...