The newest entrant to the co-living game is… New York City?

ShareNYC is a new HPD pilot program

Nov.November 01, 2018 10:30 AM

29-26 Northern Boulevard in Long Island City and Maria Torres-Springer (Credit: Simon Baron and Twitter)

To address the growing housing crisis, Mayor Bill de Blasio’s administration in the last five years has encouraged the construction of micro-units and tiny houses, and even pushed for private developers to build on public housing land. Now you can add co-living to the list.

New York City’s Department of Housing Preservation and Development is slated to announce a pilot program that will let developers access public funding for more affordable co-living projects. The program is dubbed ShareNYC, the New York Times reported.

Co-living units that already exist are largely around the market rate, though they’re often priced below traditional studio apartments. ShareNYC is seeking proposals that have income-restricted units, the report said. The units are expected to span between 150 and 400 square feet per bedroom — and will include a common kitchen and living space. The deadline is March 14, 2019.

Various types of co-living projects have emerged in the city — but the prices, even if less expensive than conventional apartments, lean toward the luxury level. The city’s program aims to give developers incentives to create more affordable versions of that model, which has been hampered by SRO laws.

“It’s really a decision that reflects what we see in the world — a shortage of small apartments,” Maria Torres-Springer, the department’s commissioner, told the Times.

The co-living concept has been gaining traction. The startup Ollie is reportedly in talks to raise more than $50 million in a new venture funding round, The Real Deal reported in September. The company has held discussions with student housing operator EdR, along with other potential investors. Its competitors Common and Bungalow have raised more than $60 million and $14 million, respectively. [NYT] — Meenal Vamburkar

Related Articles

Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay)

Fewer Canadians are searching for homes online amid pandemic

Massive stimulus package has limited upside for real estate

Massive stimulus package has limited upside for real estate

About 450 sellers pulled their listings last week (Credit: iStock)

As New York shut down, so did its resi market

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Is REBNY and StreetEasy’s decision a much-needed reprieve or data manipulation? (Credit: Pixabay)

Decision by StreetEasy, REBNY to stop market clock triggers debate

The Atelier at 635 W. 42nd Street and 70 Charles Street (Credit: Google Maps)

One of NYC’s priciest listings to appear on the market last week is already in contract

Jacqueline Friedman Brogadir and 993 Fifth Avenue, 10th Floor (Credit: Brown Harris Stevens, Patrick McMullan/Patrick McMullan via Getty Images)

Daughter of Goldman exec nabs Fifth Avenue co-op for $25M

Clockwise from top left: Halstead’s Diane Ramirez, Douglas Elliman’s Howard Lorber, Corcoran Group’s Pam Liebman and Brown Harris Stevens’ Bess Freedman (Credit: Getty Images; iStock)

Tension lingers over showings as brokerage chiefs navigate pandemic