The Real Deal New York

De Blasio administration announces affordable housing record — again

The city financed the construction of 9,000 new units in 2017, an updated figure from its announcement in January
July 20, 2018 09:15AM

Mayor Bill de Blasio at a news conference (Credit: Getty)

The city financed the construction and preservation of a record 32,116 affordable housing units last year, surpassing a previous record from nearly three decades ago.

It was the second time the administration had announced the record, the first time being in January, when it cited a lower figure of 24,500 units. Of the updated number, more than two-thirds were preservation deals that renegotiated contracts with landlords to grant low-cost financing in exchange for rent caps, according to Crain’s. The city also provided financing for the construction of new 9,000 units.

The added housing comes as the shortage of affordable units continues to rise. Between 2000 and 2016, the population of adults increased by 11 percent and the number of jobs by 16.5 percent, Crain’s reported, citing the Furman Center. Meanwhile, the number of new units increased only by 8.2 percent

“We have created more affordable housing than any other time in our city’s history,” Mayor Bill de Blasio said in a statement.

The record eclipses the 23,100 units financed during the Koch administration in 1989. Since 2014, the de Blasio administration has financed 109,767 units under the Housing New York plan. The goal is to reach 300,000 units. [Crain’s] —David Jeans