Mayor Bill de Blasio announced Monday that the city financed the creation or preservation of 20,325 affordable housing units in the last year — more than any year since 1989.
Of the 20,325 units, 8,500 are new, while the rest were preserved from conversion to market-rate housing. The units represent housing for 50,000 New Yorkers, according to a news release from the administration.
Fewer of the units were designated for extremely low-income tenants than the administration had predicted. A full breakdown of the unit distribution is below.
De Blasio pledged in May 2014 to preserve 120,000 affordable units and build 80,000 new ones over the next decade. Earlier this year, he said that between 250,000 and 300,000 additional units should be built between 2025 and 2040.
The city’s rent regulations were recently extended by four years. [NYC.gov] — Tess Hofmann