City says it will spend $500M on new housing for seniors

The waitlist for public housing exceeds 200,000 families

New York /
Jun.June 13, 2018 08:30 AM

Mayor Bill de Blasio (Credit: Pixabay)

The de Blasio administration says it will build thousands of affordable housing units for seniors on vacant parking lots, green spaces and other unused land, in the hope of chipping away at a public housing waitlist that currently exceeds 200,000 families.

The city made an initial commitment of $500 million to build a “few thousand” units in its proposed $89 billion budget released this week, according to the Wall Street Journal.

The news comes after a $2 billion settlement by the city to spend on its public housing system over the next decade after federal prosecutors charged the New York City Housing Authority with failing to meet health and safety standards.

In addition, the city will spend $1 billion over the first four years on top of what it’s already designated to NYCHA, and another $200 million each following year over the 10-year term.

“Fairness means people who worked so hard their whole lives can actually make ends meet,” Mayor Bill de Blasio said during a rally Tuesday evening, according to the Journal.

The pledges will help reduce an increasing waitlist for public housing, which currently stands at 207,000, in addition to almost 60,000 people living in homeless shelters.

As part of its “NextGen'” housing plan, NYCHA has pursued deals with private developers to build on unused city land. [WSJ] — David Jeans


Related Articles

arrow_forward_ios
A photo illustration of Manhattan Borough President Mark Levine (Getty, Office of Mark Levine)
Map: Here’s a treasure trove of Manhattan resi development sites
Map: Here’s a treasure trove of Manhattan resi development sites
Albany buildings
How Albany is dealing with its 1K vacant buildings
How Albany is dealing with its 1K vacant buildings
Seth Weissman, John Catsimatidis, Mayor Eric Adams
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
(Photo Illustration by The Real Deal with Getty)
DC’s real estate market demands to be taken seriously
DC’s real estate market demands to be taken seriously
From left: Robert Reffkin and Rupert Murdoch (Getty, Compass)
ChatGPT didn’t write this week’s real estate news roundup, we promise
ChatGPT didn’t write this week’s real estate news roundup, we promise
(Photo Illustration by The Real Deal with Getty)
Native Hawaiians leaving state due to high cost of living
Native Hawaiians leaving state due to high cost of living
5603 Winslet Drive North in Franklin, TN with Paula Duvall
Charred $1.5M mansion finds buyer after days on market
Charred $1.5M mansion finds buyer after days on market
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
arrow_forward_ios

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

Loading...