EVERYONE AGREES THERE IS A HOUSING SHORTAGE BUT CAN’T AGREE ON WHAT TO DO ABOUT IT.
That is probably not what the Kansas City Chiefs tight end Travis Kelce yelled at coach Any Reid Sunday night, but it is still true.
The latest New York City Housing and Vacancy Survey showed that the city’s vacancy rate fell to 1.4 percent in the first half of 2023. Only 33,000 apartments were available for rent.
Gov. Kathy Hochul called that “truly shocking and breathtaking in its scale.” At the time, she also announced that 18 projects, which will create more than 5,300 apartments in Gowanus, will receive 421a-like benefits through a workaround program run by Empire State Development.
Though she has previously expressed a willingness to expand this program to other parts of the city, Hochul indicated during a press conference that she would rather not address the lack of 421a in a piecemeal fashion. She wants the state legislature to replace 421a and give projects in danger of losing the benefit more time to meet its 2026 construction deadline.
Not everyone thinks a new 421a is a good idea. On Wednesday, the Senate and Assembly will host a joint hearing to discuss this and other housing-related budget proposals. The governor is also expected to release amendments to her executive budget this week.
In the meantime, here are some more Kelce quotes for the meme:
LIFTING THE FAR CAP WOULD NOT IMMEDIATELY ALLOW LARGER RESIDENTIAL BUILDINGS IN NEW YORK CITY. THE CITY WOULD HAVE TO FOLLOW THAT STATE ACTION BY REZONING.
THE STATE LEGISLATURE SHOULD ALLOW THE CITY TO DO SOMETHING WITH BASEMENT APARTMENTS. THIS PROBLEM IS NOT GOING AWAY, AND A MEASURE TO ADDRESS IT HAS BEEN ON THE TABLE FOR YEARS.
AT THE END OF THE LAST LEGISLATIVE SESSION, A HOUSING DEAL WAS ON THE TABLE BUT WAS NEVER MADE PUBLIC. SO WHEN YOU ASK STAKEHOLDERS ABOUT THE DEAL’S VERSION OF GOOD CAUSE EVICTION, THEY SAY THEY CAN’T RESPOND TO A PROPOSAL THEY HAVE NEVER SEEN, AND IT MAKES YOU FEEL CRAZY EVEN THOUGH IT IS MORE CRAZY THAT THESE IMPORTANT DISCUSSIONS LARGELY HAPPEN BEHIND CLOSED DOORS AS PART OF A LAST-MINUTE, “BIG UGLY” BILL.
Now that that is out of my system: If you watched the Super Bowl last night, I also hope you noted “The Real Deal” in the BMW commercial with Christopher Walken.
(credit: BMW USA, YouTube)
What we’re thinking about: What will the state do about Pacific Park’s affordable housing deadlines? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Usher once roller skated at the Branch Brook Park Skating Center in Newark, N.J. It was, sadly, a few months before I was there for my birthday.
Elsewhere in New York…
— Police are investigating a fatal shooting at the Mount Eden train station in the Bronx, WABC reports. The victim was killed while waiting for the No. 4 train around 4:30 p.m. on Monday. Five others were wounded. As of press time, no arrests had been made.
— NYC could get five to eight inches of snow by the end of Tuesday, the New York Daily News reports. Classes at city schools will be held remotely.
— Snow or no snow, Tuesday is the special election for New York’s third Congressional District, the seat vacated by Rep. George Santos. Democrat Tom Suozzi will face off against Mazi Pilips, who is running on the Republican line.
Closing Time
Residential: The priciest residential closing Monday was $5.35 million for a condo unit at 251 West 91st Street (The Westly) on the Upper West Side. The listing agent was Shlomi Reuveni.
Commercial: The most expensive commercial closing of the day was $15.8 million by Hillside Avenue Housing Development Fund at 161-10 and 161-13 Hillside Avenue in Jamaica.
New to the Market: The priciest home to hit the market Monday was a condo unit at 432 Park Avenue asking $19.5 million. Corcoran Group has the listing.
Breaking Ground: The largest new building filing of the day was for a 110,000-square-foot, multifamily building at 201 East 23rd Street in Manhattan. Cookfox Architects filed the permit application. — Matt Elo