Rent caps on 170K affordable housing units to expire by 2037: advocacy group

The 30-year rent caps on close to 170,000 publicly subsidized rental units will expire by 2037, opening the door for landlords to start charging market rents, according to a new report from the Association for Neighborhood and Housing Development, a non-profit tenant advocacy group. The news comes on the heels of the Bloomberg administration’s announcement that it has reached the 100,000 milestone in affordable units created or preserved since 2003. “The mayor is saying they’re making impressive gains; however, by 2037, an equal number of units will have been washed away by their lack of foresight,” said Benjamin Dulchin, executive director of the organization. [NYT]