De Blasio is 34,000 units closer to his affordable housing goal

Mayor says city on target to create or preserve 300K units by 2026

New York /
Jan.January 17, 2019 09:00 AM

Mayor Bill de Blasio

The de Blasio administration is touting its progress toward reaching its affordable housing goals, even as it struggles to control the systemic and widespread problems at the New York City Housing Authority.

Last year, the city funded more than 10,000 new affordable-housing units, the Wall Street Journal reported. City officials said that’s one step closer to Mayor Bill de Blasio’s goal of building or preserving 300,000 units by 2026.

The total units financed or preserved in 2018 were a record, according to the city. In 2018, the city invested more than $1.7 billion to increase affordable housing across the borough — including capital for building new units and for starting to preserve more than 24,000 apartments that are already built.

De Blasio’s administration claims it has funded more than 38,700 units and preserved more than 83,000 affordable apartment since the mayor took office in 2014. Still, his office has faced criticism for not inadequate help for the city’s poorest, including the more than 60,000 people in homeless shelters. Comptroller Scott Stringer pressed the mayor to focus on the 400,000 households making less than $28,170 a year.

In November, a report by the New York Building Congress said the mayor was on pace to reach his goals. At the time, the Bronx has seen the most new affordable housing units, followed by Brooklyn.

NYCHA, meanwhile, was named by the public advocate’s office as the worst landlord in New York in 2018, and has an estimated $25 billion in needed repairs. De Blasio’s leader at NYCHA, Shola Olatoye, resigned in the wake of a lead paint scandal, and he must also replace his housing czar, Alicia Glen, who announced her resignation last month. [WSJ] — Meenal Vamburkar


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
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
Zynga founder Mark Pincus, Hippo founders Assaf Wand and Eyal Navon, and LinkedIn co-founder Reid Hoffman (Getty, LinkedIn)
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Opendoor CEO Eric Wu (Opendoor, iStock/Illustration by Alexis Manrodt for The Real Deal)
Opendoor revenue plunged 45% in 2020
Opendoor revenue plunged 45% in 2020
CoStar CEO Andy Florance
CoStar retreats from failed CoreLogic bid
CoStar retreats from failed CoreLogic bid
Jimmy Fallon and Nanvy Juvonen with their penthouse at 34 Gramercy Park East (Photos via Getty/Sotheby's Jeremy V. Stein and Debbie Korb)
Jimmy Fallon lists Gramercy Park penthouse for $15M
Jimmy Fallon lists Gramercy Park penthouse for $15M
In 2018, a Brookings Institution study found homes in majority-Black neighborhoods were undervalued by $48,000 on average. (iStock)
Appraisal Institute taking steps to root out racial bias
Appraisal Institute taking steps to root out racial bias
arrow_forward_ios

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

Loading...