Affordable housing in New York City encompasses the policies, programs, and regulatory frameworks designed to increase the supply of residential units and provide financial assistance to low- and middle-income households. This page covers CBC’s work on housing production, land use and zoning reform, the New York City Housing Authority (NYCHA), environmental review processes, and rental assistance programs like CityFHEPS.
This page was created with AICBC Insights uses AI to group, analyze and present data and recommendations from CBC's publications. Always reference the cited sources to verify important details..
The City should take full advantage of State and federal resources and partner with the private sector to deliver the housing that New Yorkers need.
The Administration should make changes to the Mayor’s Management Report to publicly track progress.
The City should continue to reform building codes, including unique requirements for elevators and plumbing that contribute to New York having the world’s highest construction costs.
The City should maximize PACT, the Preservation Trust, and new infill development to deliver for NYCHA residents.
The City should implement rezonings to allow more as-of-right development, especially near transit, and leverage newly streamlined review processes to build more housing.
Key Data
In March 2026, the CBC explained that while only 5 of 43 environmental review challenges prevailed in state courts in 2024, the threat of litigation drags out approvals, with reviews taking a median of 23 months for environmental assessments and 33 months for full environmental impact statements.
In March 2026, the CBC testified that the CityFHEPS rental voucher program is on an unsustainable trajectory, with its cost tripling in 3 years from $499 million in fiscal year 2023 to a projected $1.7 billion in fiscal year 2026, driven by a 30.5% increase in active vouchers to 64,439.
According to a November 2025 report, administrative inefficiencies delay occupancy, as it took nearly 5 months to fill an affordable housing lottery unit in fiscal year 2025.
In September 2025, the CBC highlighted that New York City's housing shortage drove the rental vacancy rate to a record-low 1.4%, while the asking rent for vacant apartments reached a record-high $3,730 in July 2025.
In June 2024, the CBC noted that housing scarcity drives outmigration, with a net loss of 160,000 residents to domestic outmigration in 2022 costing the City over $300 million in personal income and sales tax revenue.
The New York State Fiscal Year 2027 enacted budget includes a policy trifecta aimed at increasing affordability and boosting housing production. Specifically, the budget incorporates State Environmental Quality Review (SEQR) reform, which is intended to facilitate the delivery of housing more affordably and efficiently.
Mayor Mamdani's "Block by Block" housing plan aims to increase housing production through as-of-right development, streamlined review processes, and reforms to building codes that currently inflate construction costs. The plan also prioritizes the repair and rebuilding of NYCHA housing through the use of PACT, the Preservation Trust, and infill development.
Recommendations related to Affordable Housing
The City should take full advantage of State and federal resources and partner with the private sector to deliver the housing that New Yorkers need.
The Administration should make changes to the Mayor’s Management Report to publicly track progress.
The City should continue to reform building codes, including unique requirements for elevators and plumbing that contribute to New York having the world’s highest construction costs.
The City should maximize PACT, the Preservation Trust, and new infill development to deliver for NYCHA residents.
The City should implement rezonings to allow more as-of-right development, especially near transit, and leverage newly streamlined review processes to build more housing.
Mayor Mamdani's SPEED reforms aim to address the city's housing crisis by accelerating production and occupancy to lower costs. These measures establish clear benchmarks to improve housing affordability and competitiveness for residents.
Jackie most recently served as the Commissioner of the New York State Division of Homeland Security and Emergency Services from 2021 to 2026, where she oversaw emergency management, disaster recovery, counter terrorism policy, cyber security and emergency services for the state of New York. She served in New York City’s…
New York's State Environmental Quality Review Act (SEQRA), originally intended to ensure government accountability, has become a significant barrier to development by enabling legal challenges that delay or kill critical projects like affordable housing. Reforming this process by exempting strategic priorities such as multifamily housing would allow the state to address its housing shortage and infrastructure needs more efficiently without abandoning necessary environmental oversight.
Recommendations related to Affordable Housing
Governor Hochul should exempt strategic priorities, like multifamily housing, childcare and resiliency projects, from SEQRA to accelerate their development.
New York should reform environmental review to rebalance public decision-making processes so that the state can address its mounting needs at a pace befitting the scale of its challenges.
Policymakers should maintain zoning and building codes while exempting specific developments from SEQRA to ensure that environmental protection and oversight remain in place.
Key Data
43
— SEQRA challenges decided by State courts in 2024.
5
— SEQRA challenges that prevailed in State courts in 2024.
23 months
— Median time to complete environmental review and pre-certification for projects using streamlined environmental assessments.
33 months
— Median time to complete environmental review and pre-certification for projects undergoing a full Environmental Impact Statement.
1,800
— Number of new affordable housing units permitted by the 2018 Inwood rezoning.
$2.2 million
— Average home value in Sag Harbor, where a 79-unit affordable housing complex was blocked.
The CityFHEPS rental voucher program has experienced rapid, unsustainable cost growth, with spending projected to reach $3.1 billion by fiscal year 2030, while failing to reduce the number of households in shelters. To ensure fiscal sustainability and protect core services, the City should cap the number of vouchers at current levels and prioritize new vouchers for those with the greatest need, while leveraging state and federal programs to address the housing crisis.
Recommendations related to Affordable Housing
The City should cap the number of CityFHEPS vouchers at the current level to restrain unaffordable spending growth without impacting current recipients.
The City should not pursue an unaffordable expansion that would explode costs even higher.
Priority should be given to those with the greatest need when issuing vouchers to new households.
The City should offset CityFHEPS funding by restraining other low impact spending to manage the program's cost.
The City should leverage State and federal housing subsidy programs and partner with the private sector to increase housing production to solve the housing crisis.
Key Data
$330 million
— Savings in fiscal year 2027 by capping the number of CityFHEPS vouchers at the current level.
$3.0 billion
— Savings over the five-year financial plan by capping the number of CityFHEPS vouchers at the current level.
64,439
— Number of households with CityFHEPS vouchers as of October 2025.
21.5 percent
— Increase in the number of households in shelter, excluding migrants and asylum seekers, over the last three fiscal years.
$1.7 billion
— Projected cost of the CityFHEPS program in fiscal year 2026.
$2.2 billion
— Projected spending for CityFHEPS in the next year.
Reforming the State Environmental Quality Review (SEQR) process by exempting modest residential development and imposing strict deadlines on agency reviews would reduce project costs and accelerate housing production. Current environmental review requirements significantly inflate development costs, adding tens of thousands of dollars per unit in various regions and potentially causing cost increases of up to 25 percent over five years.
Recommendations related to Affordable Housing
Exempting modest residential development from SEQR would make building housing cheaper and faster without additional costs to the government.
Exempting water facilities, parks, and resiliency retrofits similarly would reduce the cost of projects that improve the environment.
Imposing deadlines on State and local agencies to sign off on environmental reviews would ensure reasonable and predictable timelines and avoid the death spiral of mounting cost increases and uncertainty that too often prevent critical housing from being built.
Key Data
11 percent
— Local environmental review increases development costs for 500-unit projects.
$82,000 per unit
— The cost increase for 500-unit projects due to local environmental review.
New York City's budget is strained by chronic underfunding of critical services, including housing vouchers and rental assistance, which are currently underbudgeted by hundreds of millions of dollars. To improve fiscal stability and service delivery, the city must stop underbudgeting for these essential programs and streamline the process for filling affordable housing units.
Recommendations related to Affordable Housing
The City should stop underbudgeting and ensure the preliminary budget reflects the full cost of expected services, including rental assistance and homeless services.
The administration should fill affordable housing units faster to improve service efficiency.
The City should prioritize existing programs that cost-effectively improve affordability and provide essential services to the neediest New Yorkers.
Key Data
$692 Million
— The amount of underbudgeting for rental assistance in the fiscal year 2027 budget.
5 months
— The time it took to fill an affordable housing lottery unit in fiscal year 2025.
New York City currently faces a housing affordability and underproduction crisis that is more severe than the one experienced in the 1970s, when the city faced a $453 million debt crisis. The city must prioritize fiscal discipline and efficient service delivery to ensure a stable future, drawing lessons from that era.
New York City's housing affordability crisis is driven by exceptionally high construction costs, which are among the highest in the world due to labor expenses, restrictive regulations, and lengthy approval processes. To increase housing supply and lower costs, the city and state must modernize building codes, reform liability laws like the Scaffold Law, and streamline the permitting and zoning processes.
Recommendations related to Affordable Housing
The City should align construction codes and regulations, which are often now bespoke to New York, with best practices from other global cities.
The State should repeal New York’s exceptional Scaffold Law and adopt the liability standards used in every other state in the country.
The City and State should focus on predictability and simplicity over site-by-site approval processes and complexity, with speedy permitting, as-of-right approvals and simple financing and design requirements for affordable housing.
The State should also reform environmental review laws to exempt beneficial projects.
The City should rezone to increase opportunities for development and chip away at the scarcity that drives up prices.
Key Data
1.4%
— The citywide vacancy rate, which is the lowest it’s been since 1968.
$3,730
— The record-high asking rent for vacant apartments in July.
25,000 units
— The average annual housing production level in recent years.
23%
— The cost increase for affordable projects with prevailing wage requirements.
7%
— The increase in total development costs attributed to the Scaffold Law.
$82,000
— The increase in hard and soft costs per unit caused by a two-year discretionary review.
New York City's land use process currently adds up to $82,000 to the cost of each housing unit and takes two to three years for approval, creating significant barriers to development. Approving ballot questions 2, 3, 4, and 5 would streamline these procedures, modernize the City Map, and establish an appeals board to help boost housing production across the city.
Recommendations related to Affordable Housing
New Yorkers should vote yes on Question 2, which would create fast track reviews for affordable housing through the Board of Standards and Appeals and for mixed-income residential projects.
New Yorkers should vote yes on Question 3, which would create an Expedited Land Use Review Procedure (ELURP) for three types of zoning proposals to streamline development.
New Yorkers should vote yes on Question 4, which would create an Affordable Housing Appeals Board to help balance citywide needs with neighborhood concerns.
New Yorkers should vote yes on Question 5, which would modernize the administration of the City Map to increase the efficiency and cost effectiveness of government operations.
Key Data
$82,000
— The amount added to the cost of each housing unit in 2025 dollars due to the current land use process.
2 to 3 years
— The time required for private rezoning application approval under the current land use process.
8,000
— The number of individual paper maps currently used to administer the City Map.
30 percent
— The increase in residential capacity allowed for medium- and high-density districts under the proposed ELURP.
12
— The number of Community Districts that permitted the least affordable housing over the preceding five years.
New York City's proposed expedited land use review process aims to accelerate housing production, but requires specific modifications to ensure it effectively streamlines approvals without introducing new delays. Clarifying the scope of eligible projects, leveraging existing environmental reviews, and defining clear notice requirements are essential to maximizing the efficiency of this new housing development framework.
Recommendations related to Affordable Housing
The city should allow all necessary land use approvals for Expedited Land Use Review Procedure (ELURP)-eligible projects to go through the expedited process.
All special permits should be eligible for expedited review to prevent projects from needing to go through parallel, slower approval processes.
The Charter language should clarify that applicants can leverage CEQR findings to satisfy the infrastructure requirement and RER reviews to evaluate projects’ consistency with the fair housing plan.
The Charter language should clarify that the CPC assessment is not subject to a private right of action, which is a primary source of delay and uncertainty.
The city should specify clearly what needs to be transmitted to Community Boards and Borough Presidents to make the process more certain and less open to legal challenge.
The ELURP reform should require the Department of City Planning to transmit the completed ELURP materials at the start of the 30-day pre-certification notice period.
The Charter language should clarify that the 30-day pre-certification period is the maximum amount of time that Community Boards and Borough Presidents have prior to the start of their ELURP review period.
New York City's land use review process, known as ULURP, creates significant barriers to housing production by applying a one-size-fits-all approach that deters development. Reforming this system by fast-tracking modestly sized projects and exempting non-zoning actions would streamline development and help address the city's housing needs.
Recommendations related to Affordable Housing
Residential buildings of 250 or fewer units in moderate- to high-density zoning districts and 175 or fewer units in low density districts should be fast-tracked through the Uniform Land Use Review Procedure (ULURP).
All non-zoning actions should be exempt from the Uniform Land Use Review Procedure (ULURP) and subject instead to administrative reviews.
The City should exempt all 'minor' revocable consents and franchise agreements from the full ULURP process to allow modest projects to move more quickly.
The City should exempt otherwise as-of-right public projects, such as new parkland, from the full ULURP process.
The City should exempt special permits from the Uniform Land Use Review Procedure (ULURP) because they are administrative, not legislative actions.
New York City mayoral candidates are prioritizing the city's affordability crisis, with proposed strategies including streamlining land use reviews, expanding housing voucher programs, and increasing capital investment in housing infrastructure. These responses reflect a broad consensus on the urgency of addressing housing needs through targeted policy interventions and improved government efficiency.
Recommendations related to Affordable Housing
To address the crisis in affordable housing, the city must consider every way to determine and support mixed-income affordable housing development where it is most needed.
The city should streamline ULURP for projects that advance a framework for growth and affordability, including requiring a Council vote to reject a project, rather than to pass it.
The city should implement significant changes to ULURP and streamline city approvals with mandated deadlines.
Addressing housing and childcare in a comprehensive and lasting way is essential to attract new residents and keep families in the city.
The city must ensure that all neighborhoods contribute to solving the housing crisis, as we cannot solve a housing crisis if some neighborhoods refuse to build.
Key Data
$1.2 Billion
— The cost of the CityFHEPS housing voucher program in fiscal year 2025.
$111 Billion
— The total value of the City's five-year capital program.
500,000
— The number of homes proposed in a candidate's plan to address housing needs.
$38K
— The amount the city currently spends per student, as cited by a candidate.
New York City residents report low satisfaction with housing services and cite affordability as the primary reason for considering leaving the city. The survey highlights an urgent need for the administration to prioritize housing and affordability alongside safety and infrastructure to improve quality of life.
Key Data
76 percent
— The share of New Yorkers who cite affordability as a reason for considering moving out of New York City.
60 percent
— The share of New Yorkers who cite living space as a reason for considering moving out of New York City.
New York City faces significant pressure from high costs and taxes, necessitating a strategic approach to improve affordability and quality of life. Key policy priorities include reforming property taxes to increase housing supply, streamlining approvals to boost housing production, and modernizing public housing management to accelerate repairs and capital investment.
Recommendations related to Affordable Housing
Focus on what works: evidence-based programs in education, housing, homelessness, and mental health.
Reform property taxes to boost fairness and housing supply.
Supercharge housing production and affordability: streamline approvals, modernize codes, and target vouchers.
Modernize NYCHA: cut costs, speed up repairs, and quickly unlock capital through RAD/PACT and the Preservation Trust.
48,000 is the number of new homes to be created when we add together the 40,000 that should be enabled by 5 neighborhood rezonings and the current proposed plan to redevelop the Brooklyn Marine Terminal. New York must dramatically increase housing production if it is going reduce its affordability problems…
CBC's Andrew Rein was joined by NYC Director of City Planning Dan Garodnick and NYCEDC President & CEO Andrew Kimball for a wide-ranging discussion on job and population trends, housing affordability, and economic development in a time of uncertainty. Dan Garodnick is Director of the New York City Department of…
New York City's land use review process is currently too long, expensive, and uncertain, adding up to $82,000 to the cost of each housing unit and discouraging new development. Reforming the Uniform Land Use Review Procedure (ULURP) by streamlining advisory reviews, creating an appeals process, and shifting non-zoning actions to administrative agencies would accelerate housing production and reduce costs.
Recommendations related to Affordable Housing
Merge the Community Board and Borough President advisory reviews into a single review under the Borough President to shorten the advisory review stage and make it more productive.
Allow applicants to appeal actions rejected by the City Council to a ULURP Appeals Board consisting of the City Planning Commission and Council Speaker to encourage a greater balance of citywide needs and neighborhood concerns.
Focus ULURP on zoning and shift review of non-zoning actions and modest rezoning applications with no adverse impacts to City agencies or commissions to substantially speed up the approval of projects.
Implement time limits for agency reviews to ensure that agencies review projects in a timely manner.
Shift review and approval of smaller projects to the City Planning Commission to reduce the high cost and uncertainty of the review process.
Key Data
$82,000
— Added cost to the price of each housing unit in 2025 dollars due to the current land use decision-making process.
2 to 3 years
— Time required for private rezoning application approval under the current process.
90 days
— Current duration of the combined Community Board and Borough President advisory reviews.
14 months
— Median time to approve dispositions of City-owned land through the Department of Housing Preservation and Development’s Urban Development Action Area Program.
15 percent
— Minimum increase in the cost of small residential buildings caused by the current land use review process.
5 months
— Time saved on project approvals if they went through a one-month administrative review instead of the current ULURP process.
The CityFHEPS rental voucher program has grown to cost over $1.1 billion annually, yet it has failed to reduce the number of individuals in shelters or solve the housing affordability crisis. Because these vouchers are fully city-funded and more expensive than shelter over the long term, the city must reconsider its spending strategy and better target assistance to those who will benefit most.
Recommendations related to Affordable Housing
The City cannot voucher its way to housing affordability and will need to make decisions about the level of CityFHEPS spending that is appropriate and sustainable as part of a multi-pronged affordable housing strategy.
The City should maximize the impact of CityFHEPS by targeting vouchers to households who will see the most benefits.
Key Data
$1.1 billion
— Cost of serving the 52,000 existing CityFHEPS voucher holders in fiscal year 2025.
$519 million
— The fiscal year 2026 CityFHEPS budget, which represents a 52 percent decrease from the current year.
$54.80
— The daily cost per CityFHEPS voucher, which is cheaper than shelter beds on a nightly basis.
$20,000
— The average annual cost of CityFHEPS vouchers per household.
$1.8 billion
— The amount more that CityFHEPS will cost compared to shelter over five years for the current 52,000 voucher holders.
27 percent
— The amount more CityFHEPS will cost the City compared to shelter for a typical single adult by the end of the fifth year.
80,000. That’s the number of additional new housing units the Adams’ Administration hopes will be developed over the next 15 years thanks to the City of Yes for Housing Opportunity. The City Council votes this week on Mayor Eric Adams’ plan to tackle the housing crisis. However, that is not…
New York City's housing crisis, characterized by a record-low 1.4 percent rental vacancy rate and severe overcrowding, requires the immediate passage of the 'City of Yes' zoning amendment to catalyze housing production across all neighborhoods. Increasing housing supply is essential to improving affordability, bolstering the tax base, and strengthening the city's economy, which currently suffers from billions in lost tax revenue due to housing shortages.
Recommendations related to Affordable Housing
The City Council should pass the City of Yes as is, without exempting neighborhoods or attaching restrictions that make it financially untenable to build rental housing.
The Council should not scale back the scope of individual City of Yes provisions by imposing onerous affordability restrictions or wage mandates.
The Council should not condition their approval of City of Yes on new spending or capital projects unrelated to the text amendment.
The Council should oppose any proposals that would reduce zoning capacity or trade growth in one area of the city for stasis elsewhere.
Key Data
1.4 percent
— New York City's rental vacancy rate, which is at a record low.
$9.3 billion
— The estimated budget gap the City is facing for fiscal year 2026.
$2 billion
— The amount of annual tax revenue the city potentially loses due to the severe housing shortage.
$300 million
— The amount of income and sales tax revenue lost in fiscal year 2022 due to negative outmigration caused by housing affordability and availability.
1 in 3
— The proportion of city households living in homes that are significantly larger than they need for their household size.
1 in 10
— The number of New Yorkers who feel that the government is addressing their housing needs well.
3 is the number of current and former Comptrollers who sat down to discuss the City and State's finances, economy, population loss and more. While jobs and tourism have recovered, New York continues to face challenges with hybrid work affecting downtowns and the office market, housing affordability, future budget gaps,…
New York City's housing crisis is driven by decades of underproduction, resulting in record-low vacancy rates and significant economic losses. To address this, the city must implement the 'City of Yes for Housing Opportunity' zoning amendment to increase development capacity and double housing production across all neighborhoods.
Recommendations related to Affordable Housing
The City Planning Commission and the City Council must hold the line against such opposition to needed progress regarding the City of Yes for Housing Opportunity.
The final zoning text needs to result in a meaningful increase in development capacity citywide to have any chance at improving affordability and quality of life.
Public officials should oppose any proposals that would reduce zoning capacity or trade growth in one area of the city for stasis elsewhere.
Housing production in New York City needs to double to meaningfully improve affordability.
The city must build more housing of every type in every neighborhood to improve affordability and quality of life for all residents.
Key Data
1.4 percent
— New York’s rental vacancy rate is at this record low, the product of both sluggish production and pro-stability housing laws.
1 in 3
— This proportion of New York City households are living in homes that are significantly larger than they need for their household size, representing a severe undercrowding rate.
$300 million
— Persistently negative outmigration, caused in part by housing affordability and availability, cost the City this amount in income and sales tax revenue in fiscal year 2022.
$2 billion
— The housing shortage is so severe that it dampens the City’s economy, potentially costing the City this amount in annual tax revenue.
New York City's persistent failure to produce enough housing to keep pace with demand has created a severe shortage that drives up costs, limits mobility, and harms the city's tax base and economic competitiveness. To address this crisis, the city must implement broad-based policies to increase housing supply, including zoning reforms, modernized building codes, and state-level legislative changes to encourage development.
Recommendations related to Affordable Housing
The City must increase the supply of housing everywhere to ensure a healthier housing market and higher quality of life for all residents.
Policymakers should build more housing at the scale needed to both clear the existing backlog and accommodate future growth.
The State should reform environmental review laws to facilitate the necessary increase in housing production.
Legislators must pass laws to encourage development in the downstate suburbs to help alleviate the regional housing shortage.
The State should repeal the Scaffold law to reduce construction insurance costs and boost housing development.
The City must modernize building codes to support the construction of more housing units.
The City should reform property tax policy to better incentivize new housing development.
Key Data
$309 million
— The estimated amount of personal income and sales tax revenue lost by the City in 2022 due to net outmigration.
$259 million
— The minimum amount of personal income tax revenue lost by the City in 2022 due to the net outmigration of 52,600 households.
$50 million
— The amount of sales tax revenue lost by the City in 2022 due to the outmigration of households.
$1.4 billion to $1.9 billion
— The estimated annual increase in City tax revenue that could be achieved by building enough housing to close the supply gap.
160,000 residents
— The net loss of New York City residents from domestic outmigration in 2022.
1.4 percent
— The rental vacancy rate in New York City, which is the lowest level since the City started tracking this metric in the 1960s.
Lisa Bova-Hiatt was appointed Chief Executive Officer (CEO) of the New York City Housing Authority by Mayor Eric Adams on July 6, 2023. Lisa has more than 25 years of experience in the public sector. She joined NYCHA in February 2020 as General Counsel, where she led the Authority's Law…
NYCHA faces a persistent operating budget gap of $791 million and massive capital needs totaling $60 billion, with 43 percent of residents reporting multiple housing condition issues. To stabilize the city's largest supply of deeply affordable housing, the authority must prioritize building repairs through PACT, modernize management, and address inefficiencies in labor and rent collection.
Recommendations related to Affordable Housing
Fix or replace deteriorating buildings with PACT and the Preservation Trust.
Improve management effectiveness and efficiency, and publicly track progress and impact.
Negotiate savings, boost productivity, and modernize property management through collective bargaining.
Overhaul the rent collection process.
Key Data
$791 million
— The gap between public housing expenses and core operating income in 2023.
46.5 percent
— The share of households behind on their rent in October 2023.
$60 billion
— NYCHA’s total five-year capital needs.
43 percent
— Public housing residents who reported three or more housing condition issues in the 2023 New York City Housing and Vacancy Survey.
$511 million
— Federal capital funds diverted in 2022 and 2023 to fill the operating budget gap.
$1.5 billion
— Total personnel costs for NYCHA in 2023.
New York State faces a critical shortage of affordable housing, particularly in the New York City metropolitan area, necessitating policy changes to boost production and density. The state should prioritize enacting a successor to the 421-a tax incentive, implementing zoning improvements, and rejecting measures that discourage new housing development.
Recommendations related to Affordable Housing
Enact a 421-a successor: Tax incentives are necessary to make affordable rental housing development in New York City financially feasible.
Enact housing production and density improvements: Proposals to raise the FAR cap, support office-to-residential conversions, and legalize basement apartments would also help boost production and affordability.
Reject proposals that disincentivize production: Of equal importance to opening the flow of new housing production is to avoid proposals that would add counterproductive burdens to housing production and affordability.
Key Data
$250 million
— Initial appropriation for a capital program to develop housing and other amenities on State-owned properties.
$500 million
— Expected future appropriations for the capital program to develop housing on State-owned properties.
15,000
— Goal of developing housing units on State-owned property across the State.
New York City's public housing authority faces a massive funding gap, with five-year capital needs reaching $60 billion—more than double the 2017 estimate—due to inflation and a more accurate assessment of necessary repairs. Even with existing programs like PACT, current plans cover less than half of these requirements, necessitating additional funding sources and streamlined processes to address the deteriorating housing stock.
Recommendations related to Affordable Housing
The State and City should seek to streamline the process as much as possible and not introduce additional steps that could delay the renovation process.
The City and State will need to tap additional sources of financing to help close future PACT and Preservation Trust deals.
NYCHA will need to raise additional sources of capital through infill development and phased redevelopment, where feasible, to support its capital program.
The City and State should make hard choices about how to allocate finite housing resources, potentially including Low Income Housing Tax Credits or New York’s tax-exempt bond volume cap, between NYCHA projects and other needs.
Key Data
$60 billion
— NYCHA's investment needs over the next five years.
$373,000
— The cost per unit for NYCHA's five-year investment needs.
$483,000
— The cost per unit for NYCHA's twenty-year investment needs.
$10 billion
— Capital needs addressed by NYCHA over the past five years.
$1.5 billion
— City capital subsidies included in the Fiscal Year 2024 Executive Budget Capital Commitment Plan for future PACT projects through fiscal year 2026.
The New York City Housing Authority faces a severe fiscal crisis characterized by a widening operating budget gap, driven by rising costs and declining rent collections. To ensure the long-term viability of this critical source of affordable housing, structural reforms are necessary, including the modernization of management practices, improved rent collection, and the expansion of building renovation programs like PACT.
Recommendations related to Affordable Housing
Fix or replace deteriorating buildings with Permanent Affordability Commitment Together (PACT) and the Preservation Trust.
Improve management effectiveness and efficiency, and publicly track progress and impacts.
Negotiate savings and increase productivity through collective bargaining.
Overhaul the rent collection process to ensure residents pay rent on time.
Key Data
$40 billion
— Estimated cost of repairs needed to bring public housing units to a state of good repair.
$789 million
— The structural budget gap in 2022 between operating expenses and revenue.
$1,481
— The monthly per-unit operating cost in 2022.
63%
— The rent collection rate as of February 2023.
$466 million
— The amount of unpaid rent accrued by households as of December 2022.
$152 million
— The total overtime spending in 2022.
New York City's rental assistance programs have seen costs surge from $16 million in 2015 to a projected $636 million in 2023, creating a significant fiscal cliff as federal pandemic aid expires. To address this, the City must secure federal and state funding, provide realistic cost estimates for voucher programs, and carefully evaluate the fiscal impact of any proposed eligibility expansions.
Recommendations related to Affordable Housing
An effective, holistic strategy should include appropriate voucher funding from the federal and State governments.
Budget amounts and allocation decisions, including any expansion to CityFHEPS, should be grounded in realistic utilization and cost estimates for the current program, most of which is unfunded in the future.
Any proposed expansion to CityFHEPS should include a fiscal impact statement that shows how much it would increase costs and identifies recurring revenues to pay for it.
The City should provide realistic estimates of the program’s cost and reflect those in the City budget.
Consideration of the three pending bills that would expand eligibility for CityFHEPS should be based on their impact on City spending and from where the resources would come, including what other program spending may be reduced.
Key Data
$16 million
— Cost of rental assistance programs in fiscal year 2015.
$636 million
— Anticipated cost of rental assistance programs in fiscal year 2023.
$450 million
— The fiscal cliff for rental assistance programs in fiscal year 2024.
$6.8 billion
— Total budget shortfalls facing the City in fiscal year 2025.
$10.0 billion
— Total budget shortfalls facing the City in fiscal year 2027.
$410 million
— City funding for CityFHEPS in fiscal year 2023.
New York State's failure to enact the Governor's housing proposals perpetuates the ongoing production and affordability crises, threatening the state's long-term economic stability. Without implementing proven strategies like streamlining environmental reviews, legalizing accessory dwelling units, and enacting a successor to the 421-a tax exemption, the state will continue to become increasingly unaffordable.
Recommendations related to Affordable Housing
State leaders should streamline environmental review to address the housing production and affordability crises.
State leaders should eliminate the floor area ratio cap to address the housing production and affordability crises.
State leaders should promote transit-oriented development to address the housing production and affordability crises.
State leaders should legalize accessory dwelling units and basement apartments to address the housing production and affordability crises.
State leaders should extend and enact a successor to 421-a to address the housing production and affordability crises.
New York aims to address its housing crisis by creating 800,000 new units over the next decade through a package of bills that removes barriers to production and provides targeted incentives. These proposals focus on planning and zoning for growth, including transit-oriented development and regulatory fixes like legalizing basement apartments and facilitating office-to-residential conversions.
Recommendations related to Affordable Housing
Local governments should be required to plan and zone for growth by either meeting production targets or allowing streamlined development.
Municipalities should rezone for transit-oriented development to boost housing production.
New housing development actions should be exempt from costly and time-consuming environmental reviews to accelerate construction.
New York City should create a path to legalize basement apartments to maximize production potential.
The state should lift the floor area ratio (FAR) cap on new development to allow for more housing units.
Policymakers should provide a tax incentive for the conversion of offices to mixed-income rentals to address housing shortages.
The state should extend the construction completion deadline for active 421-a projects to ensure their completion.
Key Data
800,000
— Number of new housing units intended to be created over the next decade under the Governor's proposed package of bills.
Converting underutilized commercial office space into residential units offers a pathway to increase housing supply, provided policymakers implement targeted regulatory reforms and zoning changes. Such conversions can be a cost-effective method to generate mixed-income housing, particularly when paired with well-structured incentives that prioritize affordability.
Recommendations related to Affordable Housing
Policymakers should implement regulatory reforms, such as lifting the Floor Area Ratio (FAR) cap and making zoning and building code changes, to make conversions feasible.
The City should allow conversions as-of-right, rather than through discretionary processes, to maximize the potential number of residential units.
Policymakers must ensure that any tax incentives or subsidies provided for conversion projects are well-targeted and cost-effective.
The City should implement the zoning changes identified by the Office Adaptive Reuse Task Force to facilitate more commercial-to-residential conversions.
Policymakers should provide tax incentives specifically to support mixed-income rental conversions, as these are necessary to make such projects financially viable.
Key Data
13 million square feet
— Amount of commercial space converted into residential units under the 421-g program.
12,865
— Number of residential units created from commercial space conversions under the 421-g program.
120 million square feet
— Additional office space built at densities greater than 12 FAR that could be converted to residential use if the FAR cap is lifted.
New York State must build more than 800,000 homes over the next decade to address the housing crisis, a goal currently hindered by bureaucratic obstacles like permitting delays and restrictive zoning. To accelerate development, the city and state should streamline environmental reviews, remove density caps, and implement regional housing production targets.
Recommendations related to Affordable Housing
The city should prioritize exempting projects smaller than 200 units from costly environmental review to enable deeply affordable housing.
The city should focus on streamlining the Department of City Planning’s process for private rezonings to reduce development bottlenecks.
The city should consider moving fire code plan review and inspections to the Department of Buildings to consolidate the review process.
The state should support removing the Multiple Dwelling Law’s cap on residential density to allow for more housing production.
New York should focus on streamlining state environmental review requirements to unblock the development of much-needed new housing.
The state should implement mandated minimum densities near commuter rail stations to encourage transit-oriented development.
Policymakers should prioritize removing regulatory barriers to potential office-to-residential conversions to increase housing supply.
The city must prioritize removing the arbitrary limit on residential development in NYC, specifically the floor area ratio (FAR) cap of 12.0.
Key Data
800,000
— New York State needs to build more than 800,000 more homes over the next ten years to address current needs and meet expected growth.
$50,000 to $70,000
— Two years of delays, or just putting a project through a rezoning and environmental review, adds $50,000 to $70,000 to each unit.
$1.4 million
— A three-month delay during construction of a 100-unit building imposes a $1.4 million cost.
$14,000
— A three-month delay during construction of a 100-unit building imposes a cost of $14,000 per unit.
25
— Over the last decade, NYC only approved 25 new units per 1,000 residents.
12.0
— In 1961, the Legislature capped new and converted residential buildings at a floor area ratio (FAR) of 12.0.
Governor Hochul's 2023 State of the State address included several housing initiatives, such as transit-oriented development, a 421-a replacement, and office-to-residential conversions, aimed at increasing housing production and affordability. These proposals are viewed as necessary steps to address the state's competitiveness and housing needs, though specific details and fiscal impacts remain to be determined in the upcoming budget.
Recommendations related to Affordable Housing
The State should implement transit-oriented development to boost housing production and affordability.
The State should enact a 421-a replacement to support housing development.
The State should provide regulatory relief and targeted incentives for office-to-residential conversions to increase housing supply.
The State should pursue streamlined environmental reviews to facilitate housing construction.
The State should establish regional targets for housing growth.
The State should lift NYC’s floor to area ratio cap to encourage more housing development.
Office-to-residential conversions can help address housing needs, but they require efficient regulatory processes and targeted, cost-effective incentives to be successful. Lessons from the 421-g program suggest that lifting density caps and allowing as-of-right approvals are essential to making these conversions financially feasible.
Recommendations related to Affordable Housing
Regulatory relief of various forms is essential, including lifting the FAR cap.
An as-of-right approvals process is needed to ensure that the market is able to dictate when and where office-to-residential conversions make sense.
Any new conversion program should be appropriately targeted and empirically grounded by a feasibility study and policy design.
Policymakers should consider different incentive structures to limit the City’s fiscal downside risk.
The public cost of subsidizing office-to-residential conversions should be compared to the cost to acquire and renovate existing multifamily buildings.
Key Data
$1.2 billion
— The nominal cost of the 421-g property tax incentive through the end of fiscal year 2022.
12,865 units
— The number of new residential units created through the 421-g program.
98 office buildings
— The number of office buildings converted through the 421-g program.
$262 per square foot
— The breakeven point for residential conversions to be financially feasible.
200 percent
— The increase in lower Manhattan's housing stock between 1990 and 2020.
1 in 3 is the number of households in New York City that are severely rent burdened. That means nearly 600,000 households are spending more than half of their monthly income on rent, electricity, and heat. At a recent CBC Trustee event, Jessica Katz, NYC's Chief Housing Officer, discussed how…
As Chief Housing Officer, Katz oversees the Department of Housing Preservation and Development, the New York City Housing Authority, the Housing Development Corporation, the Mayor’s Office of Housing Recovery Operations and the Mayor’s Office to Protect Tenants. Katz most recently served as executive director of the research nonprofit Citizens Housing…
New York City needs to significantly increase housing production to address its affordability crisis, requiring a shift toward broad-based rezonings and clear, measurable goals for total housing growth. To succeed, the city must improve operational efficiency, reform outdated tax and construction codes, and implement rigorous accountability systems to track progress.
Recommendations related to Affordable Housing
The City should identify the specific operational and policy actions needed to achieve these goals.
The City should set goals for total housing production (inclusive of both income-restricted and market-rate units), the net growth in housing units citywide, and the net change by community district.
Doubling production will require broad-based rezonings to increase as-of-right development capacity in every neighborhood.
The City should track and publish outcome metrics, such as the share of rent burdened households or the homeownership rate for various groups, to monitor the effectiveness of both demand- and supply-side policies.
New York needs to reform the property tax system, building and construction codes, insurance laws, and the Multiple Dwelling Law, in order to make housing less expensive to build and operate.
Key Data
560,000
— Number of additional housing units New York City needs by 2030 to meet existing needs and future population growth.
50,000
— Number of housing units that need to be permitted annually to meet housing needs, which is twice as many as issued in recent years.
20,000
— Number of vacant city positions that could be utilized to help implement housing plans.
20%
— Percentage of the city’s residential lots that have enough capacity under current zoning to make it worthwhile to develop.
40%
— Amount fewer permits for housing units issued per resident in New York City compared to San Francisco.
Maria Torres-Springer is New York City's Deputy Mayor for Economic and Workforce Development, charged with spearheading the Administration’s efforts to strengthen and diversify the City's economy, invest in emerging industries, bolster small business, connect New Yorkers to family-sustaining jobs and expand access to arts and culture. Previously, Maria served as…
New York City requires a comprehensive housing plan that increases as-of-right development capacity and streamlines approval processes to meet the projected need for 560,000 new units by 2030. Achieving this growth necessitates broad upzoning, property tax reform, and improved operational efficiency to ensure housing remains affordable for the city's diverse population.
Recommendations related to Affordable Housing
The city should implement a holistic, growth-oriented housing plan that quantifies needs and sets goals for the entire housing market.
The city must change zoning broadly across the city to increase as-of-right development capacity to ensure the housing plan is realized quickly and cost-effectively.
The city should speed up approval times for zoning certifications, building permits, and certificates of occupancy while filling affordable apartments more quickly.
The city must implement broader upzoning to increase allowable building sizes to provide enough density to meet an ambitious production target.
The city requires property tax reform and the right tax and other incentives to encourage mixed-income development.
Key Data
560,000
— The number of housing units New York City needs by 2030 to meet existing needs and future population growth.
50,000
— The number of housing units that must be permitted annually to meet housing needs, which is twice as many as issued in recent years.
22,000
— The number of vacant positions in the city that could be filled to help improve basic operations like speeding up approval times.
20%
— The percentage of the city’s residential lots that have enough capacity to make it worthwhile to develop under current zoning.
New York City requires a successor to the 421-a tax incentive program to prevent a decline in rental housing production and the loss of $1.8 billion in potential long-term funding. Additionally, passing the NYCHA Preservation Trust legislation is essential to secure federal vouchers for necessary repairs to public housing serving 400,000 residents.
Recommendations related to Affordable Housing
State lawmakers should support a 421-a successor to ensure the production of rental housing.
State lawmakers should pass the NYCHA Preservation Trust legislation (A.7805B) to allow NYCHA to secure federal Tenant Protection Vouchers for repairs.
The proposed 485-w replacement program should be modified to incentivize more production in moderate-to-middle-income neighborhoods, require greater transparency and public reporting, and harmonize with existing State and City affordable housing programs.
State and City officials should take action to reduce construction and operating costs.
State and City officials should increase zoning capacity.
State and City officials should reform the property tax.
Key Data
less than $100 million
— The amount of annual revenue that would be generated if the 421-a program were ended now, which is considered a minimal windfall.
$1.8 billion
— The amount of funding that would not be freed up for decades to come if the 421-a program expires without a successor.
400,000
— The number of residents living in public housing managed by NYCHA who would benefit from comprehensive renovations.
Ending the 421-a tax exemption program will not immediately free up $1.8 billion for the city, as existing exemptions will continue for decades. To address housing shortages, the city must implement a successor program alongside broader reforms like reducing construction costs, increasing zoning capacity, and overhauling the property tax system.
Recommendations related to Affordable Housing
New York City needs to create a successor to the 421-a tax exemption program to continue incentivizing rental housing construction.
The city should implement a broader package of policies to boost housing production, including reducing construction and operating costs.
Policymakers should focus on increasing as-of-right zoning capacity to facilitate the development of more housing units.
The city should prioritize reforming the property tax system as part of a comprehensive strategy to improve housing affordability.
Key Data
$1.74 billion
— Total value of 421-a exemptions expected for tax lots in fiscal year 2023.
60,149
— Number of tax lots expected to receive 421-a exemptions in fiscal year 2023.
$123 million
— Estimated 'mini tax' property taxes that 421-a properties will pay in fiscal year 2023.
$451 million
— Average annual 'available' tax revenue from fiscal year 2030 to fiscal year 2036.
New York City's public housing authority requires comprehensive renovations to address severe deterioration, with the RAD/PACT program currently financing billions in improvements for thousands of units. To preserve the remaining 110,000 units lacking renovation funding, the state must pass the Preservation Trust legislation to secure federal vouchers and modernize construction procurement.
Recommendations related to Affordable Housing
The City Council should join NYCHA and City Hall in lobbying for State and federal actions needed to pass the Preservation Trust.
NYCHA should accelerate and maximize the pace of Section 8 conversions through RAD/PACT.
NYCHA should take advantage of underutilized land to raise revenue through infill development or air rights sales.
NYCHA should improve operations and construction management.
NYCHA should fully integrate NYCHA into the City’s affordable housing strategy.
Key Data
$32 billion
— The estimated capital needs of NYCHA as documented in a 2018 report.
14,742
— Number of units NYCHA had completed or was in the process of renovating as of February 2022.
20,426
— Number of units in the renovation pipeline as of February 2022.
62,000
— The maximum number of units NYCHA can convert under its federal cap.
$3.2 billion
— Amount in capital improvements financed by RAD conversions.
110,000
— Number of remaining NYCHA public housing units that would stay in the Section 9 program without the Preservation Trust.
New York City's 421-a property tax exemption is essential for rental housing development, as high construction and operating costs make projects financially unfeasible without it. The proposed replacement, the Affordable Neighborhoods for New Yorkers (ANNY) program, requires modifications to better reflect market conditions and ensure transparency to avoid suppressing housing production.
Recommendations related to Affordable Housing
State lawmakers should modify the Affordable Neighborhoods for New Yorkers (ANNY) program to increase the amount of affordable and market-rate rental development.
The City should ensure greater transparency and public reporting of data to support a robust assessment of the program’s impact and effectiveness.
State lawmakers should harmonize the City and State affordable housing programs to reduce bureaucratic conflicts and red tape.
The City should offer Option B to all projects outside the Prime Development Area to improve financial feasibility for mid-rise projects.
The City should create a new option for mid-rise projects outside the Prime Development Area to help make more projects feasible.
Key Data
3.7 percent
— Average annual increase in New York City construction costs since 2010.
8 percent
— Increase in New York City construction costs between February 2021 and February 2022.
50 percent
— Amount by which the cost to operate a multifamily building in New York City exceeds the national average.
30 percent
— New York City property taxes as a percentage of rental income.
13 percent
— Property taxes as a percentage of rental income elsewhere in the country.
75 percent
— Increase in rents required to generate a reasonable rate of return without the 421-a tax exemption.
New York State must prioritize boosting housing production by implementing transit-oriented development, accessory dwelling units, and a cost-effective replacement for the 421-a tax incentive to address the ongoing affordability crisis. Additionally, the state needs to stabilize the New York City Housing Authority by approving the Preservation Trust bill and increasing support for public-private partnerships.
Recommendations related to Affordable Housing
The State should approve the proposed NYCHA Preservation Trust bill, enact procurement reform, and increase financial support for Rental Assistance Demonstration (RAD) public-private partnerships to help stabilize the New York City Housing Authority.
The Legislature should work toward a solution to implement transit-oriented development and accessory dwelling units to boost housing production.
The State should enact a cost-effective 421-a replacement that supports affordable and rental housing development.
Any 421-a replacement program should come with greater transparency and public reporting of data to support a robust assessment of the program’s impact and effectiveness.
The City and State should harmonize any 421-a replacement with other affordable housing programs and reduce bureaucratic hoops to development.
New York State is encouraged to adopt policies that increase housing production, such as zoning for denser transit-oriented development and legalizing accessory dwelling units, to address affordability issues. Additionally, the state should stabilize the city's public housing stock by approving the Preservation Trust bill and increasing financial support for public-private partnerships.
Recommendations related to Affordable Housing
The State should require local governments to zone for denser transit-oriented development to increase regional housing supply.
The State should legalize accessory dwelling units to help meet the diverse housing needs of New Yorkers.
The State should lift the cap on residential floor area ratios to give New York City more tools and flexibility to stimulate housing production.
The State should encourage commercial-to-residential conversions to stimulate housing production, especially in the Manhattan core.
The State should approve the proposed Preservation Trust bill to help stabilize the future of NYCHA.
The State should enact procurement reform to reduce NYCHA’s costs.
The State should increase financial support for Rental Assistance Demonstration (RAD) public-private partnerships to bring in capital and new management.
Key Data
110,000
— Number of public housing units that the Preservation Trust would allow NYCHA to renovate by partnering with construction management and design firms.
Senate Bill 3082, which proposes "good cause" eviction protections, risks suppressing new housing development and discouraging property maintenance by capping rent increases below operating cost growth. Instead of relying on rent caps to address affordability, policymakers should utilize targeted interventions like the federal Section 8 Housing Choice Voucher program and right to counsel initiatives.
Recommendations related to Affordable Housing
Policymakers should ensure that any good cause policy allows for rent increases that are sufficient to encourage owners to maintain buildings and invest in repairs and rehabilitation.
To avoid discouraging investment in new rental housing, the legislation should exempt new development for a period of time, similar to laws in California and Oregon.
The bill should include provisions that allow for existing residential buildings to be redeveloped to ensure housing stock remains viable.
Rather than using rent caps to address affordability, the state should utilize programs like the federal Section 8 Housing Choice Voucher program to alleviate rent burdens for the lowest income households.
The state should implement right to counsel programs to help tenants enforce their existing legal rights in housing court.
Key Data
3.6 percent
— Average annual growth in expenses of rent-stabilized buildings between 2010 and 2019.
15.1 percent
— Cumulative increase in rents of rent-stabilized units between 2010 and 2019.
37.5 percent
— Cumulative increase in expenses of rent-stabilized units between 2010 and 2019.
80 percent
— More maintenance deficiencies reported by tenants of rent-stabilized units compared to tenants living in market-rate units.
3.3 percent
— Average annual rent increase the bill's formula would have resulted in between 2010 and 2019.
New York State must address lagging housing production by facilitating development, particularly near transit networks, and by adopting strategies used by other states to encourage suburban housing. Additionally, the state should support the New York City Housing Authority through the approval of a Preservation Trust, which would enable the renovation of 110,000 public housing units.
Recommendations related to Affordable Housing
The State should act to facilitate housing development and affordability, especially downstate.
Development proximate to the transit network would increase regional housing supply, help stabilize market prices, and take advantage of recent investments in commuter rail.
New York State should follow the examples set by other states that encourage suburban housing development through a combination of incentives and mandates.
The State should help improve the New York City Housing Authority (NYCHA) by approving the proposed Preservation Trust, enacting procurement reform, and increasing financial support for Rental Assistance Demonstration (RAD) public-private partnerships.
The Preservation Trust would allow NYCHA to partner with construction management and design firms to oversee renovation of 110,000 public housing units.
Procurement reforms would reduce NYCHA’s costs by allowing it to use construction manager-build and construction manager-at risk procurement rules.
Increasing financial support for RAD conversions at NYCHA by providing tax-exempt bonds and Low Income Housing Tax Credits would facilitate building and unit quality improvements to the benefit of tenants.
Key Data
110,000
— Number of public housing units that the Preservation Trust would allow NYCHA to renovate by partnering with construction management and design firms.
The New York City Housing Authority faces over $40 billion in capital needs, prompting a significant increase in city funding and the use of the Permanent Affordability Commitment Together program to renovate 62,000 units. To ensure these funds are used effectively, the city must implement procurement reforms, improve operational management, and establish a Preservation Trust to secure long-term financial stability.
Recommendations related to Affordable Housing
State lawmakers should act swiftly to grant NYCHA authorization to use construction manager-build or construction manager-at risk procurement methods, even if the Trust is not speedily authorized.
NYCHA’s federal monitor, along with NYCHA and the City, should strongly advocate for HUD to grant waivers from restrictive federal public housing procurement rules for both its annual Section 9 subsidies and any additional federal funding NYCHA receives under the Build Back Better bill.
City and State lawmakers should create the Preservation Trust, since it will provide NYCHA with additional options to finance needed capital investment.
NYCHA must manage renovated properties well by implementing real changes, such as those outlined in NYCHA’s Blueprint for Change, including new organizational structures, quality controls, and staffing plans.
Key Data
$40 billion
— NYCHA's total capital needs due to years of underinvestment, mismanagement, and cost inflation.
$4.6 billion
— Planned commitments for NYCHA in the Fiscal Year 2022 Adopted Capital Commitment Plan.
62,000 units
— The goal for the number of units NYCHA aims to renovate under the PACT program by 2028.
$300 million
— City capital funding included in the Department of Housing Preservation and Development’s capital plan for PACT projects.
39 percent
— The amount by which NYCHA's per-unit operating costs were higher than private sector costs in 2015.
$2.8 billion
— Funding included in the Capital Commitment Plan for building improvements.
New York City's administration is encouraged to prioritize the expansion of housing and employment opportunities to ensure the city's future prosperity. Key strategies for achieving this include reforming the property tax system and improving land-use decision-making processes.
Recommendations related to Affordable Housing
The administration should focus on growing jobs and housing.
The administration should improve land-use decision-making to help the city provide for New Yorkers.
The administration should reform the property tax to help the city provide for New Yorkers.
New York City faces a significant housing affordability crisis driven by insufficient production and high costs, necessitating a focus on increasing the supply of diverse housing types. To address these challenges, the city must reduce zoning constraints, modernize building codes, reform property taxes, and support the New York City Housing Authority's efforts to manage its $40 billion in capital needs.
Recommendations related to Affordable Housing
The city should plan for growth and set ambitious but achievable production goals across the city to address the housing affordability crisis.
The city should rezone to increase density appropriately and allow more as of right development when aligned with city plans.
The city should modernize the building code to decrease costs associated with housing production.
The city should support reform of laws that disincentivize development such as the New York State’s Scaffold Law, the Multiple Dwelling Law, and rent stabilization.
The city should reform the property tax system to increase equity and address the current unfair and opaque distribution of tax burdens.
The city should support NYCHA’s operational Transformation Plan, advocate for State legislation to improve operations and reform procurement rules, and lobby for federal funding to implement the plan.
Key Data
$40 billion
— Capital needs at the New York City Housing Authority (NYCHA) due to years of underinvestment, cost inflation, and costs for lead abatement.
The next New York City Comptroller will play a critical role not only in holding the next Administration and agencies accountable, investing and managing five pension funds with $248 billion in assets, and partnering in $13 billion City debt issuance, but also in spotlighting and promoting New York City’s fiscal…
Managing the City’s fiscal crisis well will be a critically important duty of the next Mayor and a primary determinant of how the city survives the current crisis, and ultimately thrives in the future. Managing NYC’s Fiscal Crisis: A CBC Mayoral Candidate Forum featured a 10-minute conversation with each candidate,…
The proposed New York City Public Housing Preservation Trust offers a potential mechanism to fund the preservation of 110,000 units of deeply affordable housing, provided it is structured with sufficient operational flexibility and financial transparency. Success depends on avoiding restrictive mandates—such as those requiring current staffing models or prohibiting private management—that could limit the effectiveness of capital improvements and property management.
Recommendations related to Affordable Housing
The Trust legislation should be structured with enough flexibility so that the most cost-effective approaches and tools are available for property management.
The Trust should avoid importing NYCHA’s current operating practices and policies wholesale, as doing so without changes will severely limit its effectiveness.
The Trust should be required to publish detailed, timely data on both its past financial performance and its budget outlook to ensure adequate transparency and accountability.
Legislators should remove requirements like the Wicks Law and the Scaffold Law, which increase the cost and complexity of public projects.
The Trust should be permitted to transfer maintenance and operations of renovated buildings to contractors if it proves more cost-effective or efficient.
Key Data
110,000
— Units of deeply affordable housing that the Preservation Trust aims to preserve.
Reforming New York's Scaffold Law, which currently imposes strict liability on contractors for construction injuries, would reduce development costs and allow for the creation of more affordable housing. Replacing this standard with a comparative negligence model could enable the construction and preservation of 12,600 additional affordable housing units by lowering insurance premiums and development expenses.
Recommendations related to Affordable Housing
The state should include reform of Labor Law §§ 240/241 (the 'Scaffold Law') in the 2021-22 Executive budget proposal to encourage the development of additional housing units.
New York should replace the existing strict liability standard with a more common-sense comparative negligence standard that considers the respective negligence of the property owner, employer, contractor, and/or injured party.
Key Data
7 percent
— The estimated increase in affordable housing and other development costs caused by the Scaffold Law's strict liability standard.
12,600
— The number of additional affordable housing units that could have been created and preserved during the current 5-year housing plan if excessive construction costs had been invested in housing instead.
New York's housing affordability crisis is driven by restrictive zoning, outdated construction regulations, and an inequitable property-tax system that limit housing production. Addressing these barriers through updated zoning, modernized building codes, and tax reform is essential to increasing housing supply and ensuring long-term affordability.
Recommendations related to Affordable Housing
State and city lawmakers should advance policies to make it easier to build throughout the region to address the housing shortage.
Policymakers should update the zoning code to allow for more housing development.
The city should set housing production targets as part of a comprehensive planning process.
The city should modernize outdated building-code provisions to keep pace with modern construction methods.
New York should reform the property-tax system, the Scaffold Law, rent regulations and other laws that make it costly to build dense housing.
Key Data
60%
— of all residential lots are zoned for low densities.
12%
— of residential lots allow no more than single-family homes.
fewer than one in four
— of residential lots are potential development sites based solely on the zoning code.
Housing affordability for New Yorkers of all incomes is important to the competitiveness of the New York City region. The panelists discuss strategies for spurring housing production and changes that should be made to laws and local zoning regulations. Introduction Karim Hutson Founder & Managing Member, Genesis Companies Presentation of Report Findings Sean…
New York City's housing production has failed to keep pace with job and population growth, resulting in increased overcrowding, low vacancy rates, and a declining number of units affordable to low- and moderate-income households. To address this, the city and state must implement comprehensive housing strategies, update zoning codes to increase capacity, modernize building codes, and reform the property tax system to encourage more equitable and efficient development.
Recommendations related to Affordable Housing
New York City should have a citywide housing plan that quantifies the city’s current and future housing needs at all market segments, identifies the gap between these needs and existing zoning capacity, and sets ambitious but achievable citywide production goals.
The City should update the zoning code to increase capacity by increasing density near transit and along commercial corridors, modifying contextual zoning districts, and making it easier to build three-plus unit buildings as-of-right.
State lawmakers should require municipalities to zone for both more housing and a wider variety of housing, including accessory dwelling units and multifamily residences, particularly in areas near commuter rail stations.
The City should modernize outdated building code provisions that increase costs and adopt strategies to encourage construction industry innovation.
State lawmakers should pass reforms to make the City’s property tax system more equitable and efficient, including reducing the high tax rate on multifamily rental buildings relative to single family homes.
New York State should reform laws that disincentivize housing production, such as the Scaffold Law, the cap on floor area ratio, and the Multiple Dwelling Law.
Key Data
0.19
— Number of housing units added for every net new job created in New York City between 2010 and 2018.
22%
— Growth in the number of jobs in New York City between 2010 and 2018, while the housing stock increased only 4 percent.
60%
— Percentage of residential lots in New York City that fall into the lowest density zoning categories.
$1.6 Billion
— Cost of 421-a tax exemptions in foregone City tax revenue in fiscal year 2019.
7%
— Share of permitted units in two- to four-unit buildings since 2010, down from 28 percent in the previous decade.
206,000
— Number of permits issued for new housing units in New York City during the 2010s.
New York City faces a significant housing affordability crisis, with over 920,000 renter households burdened by high costs and a housing supply that fails to keep pace with population growth. To address these challenges, policymakers should reform property tax systems, update zoning codes, and incentivize suburban development to increase the overall housing stock.
Recommendations related to Affordable Housing
Lifting the cap on floor-area ratio for residential buildings would help address some of these issues.
Lawmakers should focus on ensuring that zoning codes match the needs of a growing region.
Policymakers should prioritize reforming New York City’s property tax system to make it easier to build rental housing without the need for substantial subsidies.
The state should focus on finding ways to incentivize the suburbs to build sufficient housing to meet the regional demand.
Key Data
920,000
— Number of renter households in New York City that were rent burdened, paying at least 30 percent of their incomes in rent.
90 percent
— Portion of severely rent burdened households that were low income.
22 percent
— Share of all housing units produced in 2017 that were in 40-plus story buildings.
23 percent
— Share of units in 40-plus story buildings that were income-restricted.
New York City faces a massive $31.8 billion capital need for public housing over five years, with the current NYCHA 2.0 plan leaving an $8.4 billion funding gap. Meanwhile, the city allocates $3,830 million in tax expenditures toward housing programs, representing a significant portion of the total $6,853 million in tax expenditures.
Key Data
$31.8 billion
— The estimated five-year capital needs for the New York City Housing Authority.
$8.4 billion
— The amount of unmet funding need remaining in the NYCHA 2.0 plan.
$3,830 million
— The amount of New York City tax expenditures allocated to housing programs in fiscal year 2019.
$6,853 million
— The total amount of New York City tax expenditures in fiscal year 2019.
$29.6 billion
— The amount of property tax revenue collected by New York City in fiscal year 2020.
$33.8 billion
— The amount of non-property tax revenue collected by New York City in fiscal year 2020.
The New York City Housing Authority's "NYCHA 2.0" plan aims to address a $32 billion capital need through public-private partnerships and infill development, but progress is threatened by funding gaps, federal regulatory hurdles, and political opposition. Without successful implementation, thousands of units will remain unrepaired, exacerbating the deterioration of the city's public housing stock.
Recommendations related to Affordable Housing
NYCHA’s federal monitor should work with the new Chair to identify changes to federal laws and regulations that would support NYCHA’s turnaround efforts, including increasing funding for federal operating and capital subsidies.
Congress will need to increase or remove the cap on RAD conversions if NYCHA is to convert additional units in the future.
NYCHA’s ability to convert additional properties beyond its current pipeline will require additional financial support from the City and State, as well federal actions to make it easier to finance RAD conversions.
Achieving efficient and effective property management requires collective bargaining reforms.
NYCHA should increase the use of private service and job order contracts in order to reduce overtime, improve the deployment of existing skilled trade staffers, and contribute to improved conditions for residents.
Key Data
$32 billion
— NYCHA's five-year capital need.
$24 billion
— Funding for capital repairs over 10 years identified in the NYCHA 2.0 plan.
62,000 units
— Long-term goal for conversion through the PACT program.
$12.8 billion
— Funding generated from accelerating the pace of public-private partnerships under the PACT program.
4,000 units
— Number of units each year that could go without repairs without the funding anticipated from NYCHA 2.0 initiatives.
$181,000
— Average per-unit capital need for NYCHA housing.
The Opportunity Zone program, intended to spur investment in low-income areas, risks significant revenue losses for New York State and City, estimated at $63 million and $31 million annually, respectively. To ensure public benefit, the state should mandate transparency in fund reporting and consider decoupling from federal tax incentives, particularly by prioritizing projects that meet specific affordability thresholds.
Recommendations related to Affordable Housing
The State can require Opportunity Funds operating in New York State to report on their activity in order to qualify for state tax benefits.
The State could require funds to report annually on the value of gains invested by New York State taxpayers in qualified opportunity funds.
The legislature could pass a bill that would limit benefits to residential projects that meet a minimum affordability threshold for a fixed set of time.
The State could limit benefits to zones that meet both the poverty and family income thresholds, or to those that meet the criteria based on the most recently available Census data.
The State could decouple fully from the federal program, as there is no requirement that New York State conform to the tax benefits offered by the OZ program.
Key Data
$63 million
— Estimated annual revenue loss for New York State due to the Opportunity Zone program.
$31 million
— Estimated annual revenue loss for New York City due to the Opportunity Zone program.
$2 billion
— Estimated annual cost of the Opportunity Zone program in lost federal revenue.
$6 trillion
— Estimated amount of unrealized capital gains held by taxpayers nationally.
$53 billion
— Amount of capital that funds intend to raise to invest in Opportunity Zone projects as of August 2019.
$9.4 billion
— Total cost of the Opportunity Zone program for federal tax years 2018 to 2022.
Rent regulation in New York City often fails to guarantee affordability for low-income households, with many rent-stabilized units occupied by upper-income tenants who benefit from below-market rents. Reforms should prioritize better targeting of these benefits to those truly in need and incentivize property maintenance rather than simply eliminating improvement programs.
Recommendations related to Affordable Housing
The state should eliminate rent stabilization for upper-income households who earn more than $200,000 per year to better target housing benefits.
Policymakers should provide an incentive for investment and support better enforcement of improvement allowances to preserve the condition of regulated units.
Reforms to the rent regulation system should focus on improving conditions for tenants and making the system better targeted to low-income, rent-burdened households.
The state should improve Major Capital Improvement (MCI) and Individual Apartment Improvement (IAI) programs to better address apartment conditions.
Key Data
75%
— of unsubsidized rent-stabilized tenants earning less than 80 percent of Area Median Income (AMI) were rent burdened in 2017.
100,000
— upper-income households lived in rent-stabilized units built before 1974 in 2017.
$271 million
— is the amount collectively saved each year by upper-income households living in rent-stabilized units.
80%
— more maintenance deficiencies are reported on average in rent-stabilized units compared to market-rate units.
28,000
— upper-income households earned more than $200,000 per year in 2017.
The New York City Housing Authority requires $32 billion in repairs to address severe living conditions, yet current efforts to generate funding through mixed-income development on underutilized land face significant delays. By prioritizing market-rate units in new developments, the city can secure the necessary capital to fund critical repairs while maintaining permanent affordability and avoiding resident displacement.
Recommendations related to Affordable Housing
The key to reaching the $3 billion potential is including sufficient market-rate units in any new development.
Elected officials and community members should support ambitious developments on NYCHA property that generates new housing and funding for NYCHA.
NYCHA and city officials can raise billions in private capital for repairs while maintaining public ownership and permanent affordability.
Key Data
$32 billion
— The amount required to repair NYCHA’s buildings and apartments over the next five years.
$180,000
— The cost per apartment to repair NYCHA’s buildings and apartments.
$3 billion
— The amount NYCHA can raise to repair its apartments by facilitating mixed-income development on underutilized land.
$25 million
— The revenue a planned 50/50 project at Holmes Towers will raise.
$469 million
— The funding needed over the next five years for the developments at Holmes, Cooper Park, Wyckoff Gardens, LaGuardia, and Harborview Towers.
5 is the number of years Alicia Glen was the Deputy Mayor for Housing and Economic Development under Mayor Bill de Blasio. She joins the podcast to reflect on her tenure as Deputy Mayor, the state of the city in 2014, where it stands now, and where it should be…
Rent regulation in New York City is poorly targeted, with thousands of high-income households benefiting from below-market rents while low-income tenants continue to face severe housing burdens. Reforms should focus on eliminating stabilization for households earning over $200,000 annually to restore units to market-rate status and better target resources toward those most in need.
Recommendations related to Affordable Housing
Any reforms included with the renewal of rent regulation should focus on better targeting its protections to the most rent burdened.
One way to serve this goal would be to eliminate rent stabilization for upper-income households who earn more than $200,000 per year, restoring as many as 28,000 units to market-rate status.
Any reforms to capital improvement allowances should provide some incentive for owners of stabilized buildings to maintain the condition of their units.
Reform measures should make rent regulation better targeted to lower-income, rent-burdened households.
Key Data
28,377
— Number of households earning more than $200,000 per year living in rent-stabilized units.
$271 million
— Total annual savings for rent-stabilized households earning more than $200,000.
$13,764
— Average annual savings per household for rent-stabilized tenants earning more than $200,000.
45%
— Share of the city's rental housing stock comprised of rent-stabilized and controlled units.
$2,774.76
— Current high-rent vacancy decontrol threshold.
107
— Number of units deregulated through high-rent/high-income decontrol in 2017.
The NYCHA 2.0 plan aims to stabilize public housing by leveraging private funding through the Permanent Affordability Commitment Together (PACT) initiative and maximizing land assets through mixed-income development and air rights sales. Success for these initiatives requires additional financial and regulatory support from government entities, alongside labor union cooperation to improve the efficiency of repairs and maintenance.
Recommendations related to Affordable Housing
City, State, and Federal governments need to provide additional funding, statutory authority, and regulatory relief to ensure the feasibility of the PACT conversion plan.
Labor leaders must work with NYCHA to ease work rules and salary structures to ensure basic repairs and maintenance are performed in a more timely and cost-effective manner.
Key Data
62,000
— Number of units added to NYCHA's Permanent Affordability Commitment Together (PACT) initiative.
The New York City Housing Authority's plan to expand its Permanent Affordability Commitment Together initiative by 62,000 units represents a significant effort to address the agency's $32 billion capital funding gap. To ensure long-term stability, the authority must leverage private partnerships and operational improvements while receiving increased flexibility and resources from elected officials and labor leaders.
Recommendations related to Affordable Housing
NYCHA should take full advantage of public-private partnerships through PACT, including the Rental Assistance Demonstration (RAD) program, as part of a comprehensive strategy for addressing its capital need.
Elected officials and labor leaders should take additional action to give NYCHA the resources and flexibility it needs to stabilize the system.
NYCHA's management must continue to pursue every opportunity to raise revenue and improve operations.
Key Data
62,000
— Units proposed to be added to the Permanent Affordability Commitment Together (PACT) initiative.
$32 billion
— Estimated capital need for the New York City Housing Authority.
The New York City Housing Authority faces $32 billion in capital needs, with nearly all properties requiring substantial rehabilitation at an average cost of $181,000 per unit. To prevent the deterioration of public housing, the city must integrate the authority into its broader affordable housing strategy, leverage underutilized land assets, and transition to a more efficient management model.
Recommendations related to Affordable Housing
The City should fully integrate NYCHA into its affordable housing strategy.
NYCHA should transition from being a landlord to an affordable housing steward that manages fewer buildings.
NYCHA should leverage underutilized land assets to fund repairs and facilitate development.
NYCHA should improve operations and construction management to ensure the long-term viability of its units.
Key Data
$32 billion
— Total capital needs for the New York City Housing Authority.
$181,000
— Average cost per unit for substantial rehabilitation of properties.
90 percent
— Portion of NYCHA’s 176,000 units that could deteriorate to the point of being no longer cost effective to repair by 2027.
58 million square feet
— Amount of development rights controlled by NYCHA across the city.
$300 million to $600 million
— Goal for funds raised from mixed income infill development.
$1.5 billion
— Potential funds raised by selling 10 percent of NYCHA’s air rights.
More than 921,000 New York City renter households pay at least 30 percent of their income in rent, with 462,000 families and single adults facing severe rent burdens. Addressing this affordability gap and the $32 billion capital need at the New York City Housing Authority requires significant financial support from state and federal partners, as the city lacks the resources to solve these challenges independently.
Recommendations related to Affordable Housing
Any meaningful response to preserve public housing and address the housing needs of severely rent burdened New Yorkers will require willing partners in Albany and Washington.
Key Data
921,000
— renter households in New York City that pay at least 30 percent of their income in rent
44 percent
— of all renters in New York City that pay at least 30 percent of their income in rent
462,000
— families and single adults that are severely rent burdened
22 percent
— of households that are severely rent burdened
35 percent
— of single seniors that are low-income and severely burdened
$32 billion
— capital need facing the New York City Housing Authority
New York City faces a significant housing affordability crisis, with 921,000 renter households paying at least 30 percent of their income on rent even after accounting for government subsidies. Addressing this issue, particularly the $32 billion needed to repair public housing, requires substantial state and federal assistance rather than relying solely on city resources.
Recommendations related to Affordable Housing
Any strategy to protect or preserve affordable housing must include public housing and requires federal assistance.
Any strategy to protect or preserve affordable housing must include New York City’s public housing and requires State and federal assistance.
Key Data
921,000
— Number of renter households in New York City, or 44 percent of all renters, that pay at least 30 percent of their income in rent after accounting for rental housing vouchers and SNAP benefits.
462,000
— Number of families and single adults considered severely rent burdened, meaning they pay at least half of their income in rent.
$32 billion
— Estimated cost of bringing New York City Housing Authority (NYCHA) public housing units back to a state of good repair.
$24,423
— Average annual earnings for a family living in New York City Housing Authority (NYCHA) housing.
$522
— Average monthly rent paid by a family living in New York City Housing Authority (NYCHA) housing.
1.2 million
— Number of New York City renter households, or 56 percent of the total, that were rent burdened in 2017 based on gross rent.
In Mr. Brezenoff's role at the New York City Housing Authority (NYCHA), he oversees 326 public housing developments that are home to more than 400,000 New Yorkers. With NYCHA's capital needs recently identified as approaching $32 billion, the Citizens Budget Commission released Stabilizing the Foundation , a report recommending bold…
NYCHA can generate significant revenue for building repairs by utilizing underutilized land for infill development, though requiring higher percentages of affordable housing reduces the financial return from these projects. Balancing market-rate and affordable units is essential, as 100% affordable projects generate no revenue for necessary capital improvements.
Recommendations related to Affordable Housing
NYCHA should leverage its underutilized open spaces and parking lots as potential sites for infill development to generate necessary revenue.
Policymakers should calibrate affordable housing requirements in infill projects, as stricter mandates reduce the land's value to developers and limit revenue for repairs.
To maximize funding for NYCHA repairs, the city should prioritize development models that balance market-rate and affordable units, such as the 80/20 model.
Key Data
$33 million
— Revenue yield for NYCHA from an 80/20 infill development in a strong market.
$16 million
— Revenue yield for NYCHA from an 80/20 infill development in a moderate market.
$9 million
— Revenue yield for NYCHA from a 50/50 infill development in a strong market.
$4.5 million
— Revenue yield for NYCHA from a 50/50 infill development in a moderate market.
$0
— Revenue yield for NYCHA from a 100% affordable infill development.
$31.8 billion is the amount required to repair NYCHA's public housing units over the next five years. CBC Senior Research Associate Sean Campion discuss the findings and recommendations of CBC's recent report on NYCHA's capital needs and explains how NYCHA got into such a deep hole and and how it…
The New York City Housing Authority faces a $32 billion capital funding gap that threatens the structural integrity of its affordable housing units, with 90 percent of units at risk of becoming cost-prohibitive to repair by 2027. To address this, the authority must transition to a stewardship model that leverages public-private partnerships, utilizes underutilized land for development, and improves operational efficiency to preserve the city's deeply affordable housing stock.
Recommendations related to Affordable Housing
The City should fully integrate NYCHA into the City’s affordable housing strategy to better serve extremely and very low-income households.
NYCHA should transition to an affordable housing steward that manages fewer buildings by increasing public-private partnerships and transferring senior housing to nonprofits.
The authority should tap underutilized land assets to fund repairs and facilitate redevelopment by selling air rights and allowing infill development.
NYCHA must improve operations and construction management to lower costs by decentralizing property management and utilizing more flexible procurement arrangements.
Key Data
$32 billion
— The amount of capital needs quantified for NYCHA over the next five years.
90 percent
— The portion of NYCHA housing units at risk of deteriorating past the point at which they are cost-effective to repair by 2027.
31 percent
— The amount of capital need covered by funding during the 2007-2011 period.
11 percent
— The amount of capital need covered by funding during the 2012-2017 period.
39 percent
— The amount by which NYCHA's costs of operations are higher than those of other landlords operating rent-stabilized buildings.
$1 billion
— The additional funding NYCHA would receive through fiscal year 2022 if provided one-third of the City’s planned capital commitments.
New York City Housing Authority (NYCHA) faces $32 billion in capital needs over the next five years, with 90% of its housing units at risk of becoming irreparable by 2027 without significant intervention. To preserve this essential affordable housing stock, the authority must transition to a steward model that utilizes underutilized assets, implements management reforms, and leverages public-private partnerships.
Recommendations related to Affordable Housing
NYCHA should transition to an affordable housing steward employing a full range of strategies.
NYCHA must tap its underutilized assets, including air rights and potential infill development.
NYCHA must adopt best operational practices in procurement and building maintenance.
Preserving this crucial stock of deeply affordable housing will require significant organizational changes, innovative strategies, and even more capital funds.
Improving and managing developments will require partnership with federal, state, local, tenant, and labor stakeholders, significant management reforms, and greater use of public-private partnerships.
Key Data
$32 billion
— Estimated capital needs for NYCHA over the next five years.
90%
— Portion of NYCHA’s housing units at risk of no longer being cost-effective to repair by 2027.
$8 billion
— Capital investment planned for NYCHA over the next five years.
$7 billion
— Additional combined savings and new revenue identified to slow deterioration and improve sustainability.
75% is the share of jobs gained since the recession in the NYC metropolitan region that were created in New York City, a datapoint revealed in a forthcoming report from the Department of City Planning. Marisa Lago, Director of the Department and Chair of the City Planning Commission, joined CBC…
CBC Breakfast Series Marisa Lago, Director of the Department of City Planning and Chair of the City Planning Comission, joined the CBC to discuss the U.S. Census, neighborhood revitalization, housing afforability, and resiliency and sustainability.
New York City's spending on homeless services has surged to $3.0 billion in fiscal year 2018, more than double the amount spent in 2014, despite failing to reduce the number of people in shelters. The city must develop a clear, specific plan to control these escalating costs, which have been driven by rising shelter expenses and the increased use of commercial hotels.
Recommendations related to Affordable Housing
The Administration must provide a clear and specific plan to control the costs of homeless services.
Key Data
$3.0 billion
— Projected spending for homeless services in fiscal year 2018.
$364 million
— Annual spending on commercial hotels for homeless households.
$100 million
— Estimated annual savings if the city eliminated the use of commercial hotels and shifted to Tier II shelters.
112.5 percent
— Increase in shelter funding over the five-year period from fiscal year 2014 to fiscal year 2018.
$1.9 billion
— Total shelter funding in fiscal year 2018.
$307.45 - the minimum per square foot price for selling air rights in East Midtown. NYC Department of City Planning General Counsel and Chief Data Officer Anita Laremont discusses the de Blasio's administration's approach to commercial and neighborhood development, including the East Midtown rezoning, Mandatory Inclusionary Housing, and more.
The New York City Housing Authority faces a massive capital funding gap, with projected needs exceeding $25 billion to repair aging infrastructure that includes 176,000 apartments, most of which were built before 1970. Despite spending $1.7 billion on capital improvements between 2012 and 2016, the authority struggles with inadequate federal subsidies and relies on alternative strategies like public-private partnerships to address the mounting costs of deferred maintenance.
Key Data
$25 billion
— Likely capital needs identified in the forthcoming Physical Needs Assessment, dwarfing available resources.
176,000
— Number of apartments under management by the New York City Housing Authority.
84 percent
— Portion of public housing units built before 1970, contributing to the system's aging infrastructure.
$3 billion
— Estimated damage caused to the housing system by Superstorm Sandy in 2012.
$1.7 billion
— Total amount spent on capital improvements by the housing authority between 2012 and 2016.
$253 million
— Funds raised through tax-exempt bonds and LIHTC equity via the Rental Assistance Demonstration program for the Ocean Bay development.
Residents across New York City frequently identify housing as a top issue requiring government attention, with nearly 30% of all survey respondents citywide citing it as a priority. In the Bronx, this concern is even more pronounced, with some community districts reporting that nearly half of their residents view housing as a primary area needing improvement.
Key Data
49.8%
— Percentage of survey respondents in Bronx Community District 1 who cited housing as a top issue requiring government attention.
49.0%
— Percentage of survey respondents in Bronx Community District 7 who cited housing as a top issue requiring government attention.
40.8%
— Percentage of survey respondents in Bronx Community District 9 who cited housing as a top issue requiring government attention.
40.7%
— Percentage of survey respondents in Bronx Community District 4 who cited housing as a top issue requiring government attention.
34.3%
— Percentage of total survey respondents in the Bronx who cited housing as a top issue requiring government attention.
29.3%
— Percentage of total survey respondents in New York City who cited housing as a top issue requiring government attention.
77,651 is the number of affordable housing units financed thus far in Mayor de Blasio’s 10-year plan to construct or preserve a total of 200,000 affordable units over 10 years. Since the Mayor took office, NYC Housing Preservation & Development (HPD) has overseen the commitment of $2.8 billion for affordable…
New York City financed 24,293 affordable housing units during fiscal year 2017, bringing the total number of units created or preserved under the Housing New York plan to 77,651 since January 2014. The final quarter of the fiscal year was particularly active, accounting for over 50 percent of project closures, including several large-scale preservation deals involving Mitchell-Lama complexes.
Key Data
13,490
— affordable housing units financed by the City between April and June 2017
9,966
— existing affordable housing units preserved between April and June 2017
3,524
— new affordable housing units created between April and June 2017
24,293
— affordable housing units built or preserved during fiscal year 2017
77,651
— total units financed since Mayor Bill de Blasio took office in January 2014
Queens residents identified housing as one of the top three issues requiring greater attention from city government, with 22% of respondents citing it as a priority. The survey results also highlight that public housing is among the services where no community board in the borough expressed satisfaction.
Key Data
22%
— The portion of Queens residents who cited housing as one of the top three issues needing greater attention from city government.
New York City has produced or preserved 77,651 affordable housing units under the Housing New York plan since January 2014. Despite this activity, several neighborhoods with high concentrations of households paying more than 30% of their income on rent have seen little to no new construction or preservation.
Key Data
77,651
— Number of affordable housing units produced or preserved under the city's housing plan since January 2014.
30%
— Share of income spent on rent that defines households as rent-burdened.
This weeks data point is 100,000 - the number of “good-paying jobs” the de Blasio administration says it will foster over the next 10 years. Special Guest Alicia Glen, Deputy Mayor for Housing and Economic Development, discusses the news jobs plan, as well as commercial development, affordable housing, and NYC's…
The New York City Housing Authority has achieved recent operating surpluses through increased federal and city support, but faces a precarious financial future due to potential federal funding cuts and persistent high operating costs. To ensure long-term stability, the authority must aggressively implement efficiency reforms, including labor rule changes, revenue generation from commercial leases, and strategic lobbying against federal funding reductions.
Recommendations related to Affordable Housing
NYCHA should ease work rule restrictions in the upcoming collective bargaining negotiations to improve productivity and reduce costs.
The authority must come to an agreement for rent payment by non-profit tenants currently occupying NYCHA-owned spaces.
NYCHA should support the proposal to raise parking fees to market rates to increase non-rental income.
The authority must lobby the federal government against onerous changes to public housing operating and capital subsidies to protect its budget.
Key Data
$171.8 million
— The operating surplus achieved by NYCHA in 2015.
$36 million
— The operating surplus achieved by NYCHA in 2016.
45 percent
— The amount by which NYCHA's monthly per-unit operating costs exceed those of comparable rent-stabilized properties.
$19.6 million
— The projected operating deficit for NYCHA by 2019.
$56.8 million
— The projected operating deficit for NYCHA by 2021.
$1.1 billion
— The cost of personnel for operating public housing in 2016.
New York City has added $1.9 billion in capital funding to its ten-year affordable housing plan, aiming to increase the share of units reserved for the lowest-income residents from 20 percent to 25 percent. However, the plan lacks transparency regarding specific program allocations, productivity benchmarks, and actual spending progress, making it difficult to evaluate the cost-effectiveness of the initiative.
Recommendations related to Affordable Housing
The City should provide detailed information on which programs or projects will receive new funding and how it will be used to enhance different levels of affordability.
The City should incorporate productivity benchmarks in the Ten-Year Capital Strategy to accurately estimate unit production and costs.
The City should provide regular updates on how much it has spent toward reaching its affordable housing goals to ensure financial transparency.
The City should include information on which affordable housing programs each project uses and the value of subsidies provided in its public project database.
Key Data
$1.9 billion
— Additional capital funding added to the City's affordable housing plan in the Fiscal Year 2018 Executive Budget.
10,000
— Number of units in the ten-year affordable housing plan that will receive increased affordability protections.
$41 billion
— Total public and private funds expected to be spent over 10 years to build or preserve 200,000 affordable units.
$6.7 billion
— Total City capital funding allocated for the ten-year affordable housing plan.
62,506
— Number of affordable units financed through the end of 2016.
25 percent
— Projected share of units reserved for the lowest income New Yorkers following the new funding allocation.
New York City's Ten-Year Capital Strategy has significantly increased commitments to housing and economic development, including $5.1 billion for housing and $1.4 billion for the New York City Housing Authority. However, the strategy lacks sufficient programmatic indicators and clear links to needs assessments, making it difficult to determine if these investments are adequate to meet the city's housing goals.
Recommendations related to Affordable Housing
The Strategy should clearly relate back to these statements of needs so that the City and the public can determine whether or not planned capital investment is adequate.
The Administration should incorporate this rebalancing in future capital strategies.
The Strategy should include other benchmarks to measure progress toward the project’s completion.
Such metrics should be included for future years and in the Strategy.
Key Data
$5.1 billion
— planned for housing construction projects.
$1.4 billion
— committed to the New York City Housing Authority for low to moderate income public housing upgrades.
$1.9 billion
— allocated to increase the subsidy of 10,000 housing units.
$355 million
— allocated for repairs to the facades of public housing buildings.
$9.5 billion
— totaled in investments at the Department of Housing Preservation and Development over ten years.
On February 22, 2017, New York State Budget Director Robert Mujica presented highlights from the New York State Executive Budget for Fiscal Year 2018 to the Citizens Budget Commission.
The Fiscal Year 2018 preliminary budget includes funding for the administration's affordable housing initiatives as part of a broader expansion of municipal government spending to $87.1 billion. While the budget prioritizes these policy goals, the overall growth in city expenditures highlights the need for improved management of municipal services and agencies.
The proposed "Affordable New York Housing Program" aims to replace the expired 421-a tax incentive to encourage mixed-income rental development in New York City. However, extending the full tax exemption period from 25 to 35 years is fiscally imprudent and risks sacrificing significant long-term city revenue.
Recommendations related to Affordable Housing
A replacement for the expired 421-a program is needed to spur construction of mixed-income rental housing in New York City.
It is generally unwise to offer a tax exemption for a 35-year period, as it sacrifices decades of future city revenue.
Key Data
35 years
— The proposed duration of the full tax exemption for new development under the Affordable New York Housing Program, which is an increase from the previous 25 years.
The Department of Housing Preservation and Development exceeded its fiscal year 2016 goals by increasing affordable housing completions by 82% and starts by 15% compared to the previous year. Meanwhile, the New York City Housing Authority reduced emergency work request response times by 1.6 hours, though non-emergency response times increased by 5% to 14.7 days.
Key Data
82%
— Increase in affordable housing completions by the Department of Housing Preservation and Development in fiscal year 2016 compared to 2015.
15%
— Increase in affordable housing starts by the Department of Housing Preservation and Development in fiscal year 2016 compared to 2015.
1.6
— Reduction in hours taken by the New York City Housing Authority to resolve emergency work requests in fiscal year 2016 compared to 2015.
5%
— Increase in the New York City Housing Authority's response time to non-emergency requests in fiscal year 2016.
14.7
— Number of days taken by the New York City Housing Authority to respond to non-emergency requests in fiscal year 2016.
The city has prioritized increasing affordable housing through the Housing New York plan, which aims to preserve 120,000 units and create 80,000 new ones, supported by $748 million in capital funding for the Department of Housing Preservation and Development in fiscal year 2016. Meanwhile, the New York City Housing Authority, which houses 400,000 residents, has improved repair response times but continues to struggle with a backlog of over 143,000 open work orders.
Key Data
$748 million
— City capital funding for the Department of Housing Preservation and Development in fiscal year 2016.
18,000
— Affordable units the Department of Housing Preservation and Development aimed to preserve or construct in fiscal year 2016.
11,708
— Targeted number of affordable unit completions for the Department of Housing Preservation and Development in fiscal year 2016.
400,000
— New Yorkers housed in the 328 developments operated by the New York City Housing Authority.
13.9 days
— Average wait time for non-emergency work requests at the New York City Housing Authority in the first four months of fiscal year 2016.
143,000
— Work orders that remained open at the New York City Housing Authority in May 2016.
The New York City Department of Housing Preservation and Development is profiled in a partnership with City & State, with a detailed analysis available in the referenced publication. This agency serves as the primary entity responsible for the city's housing preservation and development efforts.
High land prices and construction costs create significant challenges in developing affordable housing, as these expenses often exceed the 30% affordability threshold for many households. Consequently, increasing the number of affordable units requires difficult trade-offs between income levels, location, and the necessary government or market-rate subsidies.
Recommendations related to Affordable Housing
Options for increasing the efficient use of land should be explored to maximize the amount of affordable housing that can be produced.
Options for reducing construction costs should be explored to maximize the amount of affordable housing that can be produced.
Options for effectively using cross-subsidies should be explored to maximize the amount of affordable housing that can be produced.
Key Data
30%
— The commonly-used threshold for housing affordability.
New York City's high housing development costs, where even in weak markets monthly rents must exceed $2,500 to cover construction, create significant financial barriers that necessitate substantial subsidies to make units affordable for lower-income households. Balancing the need for affordable housing requires exploring strategies to improve land efficiency, lower construction costs, and utilize cross-subsidies effectively.
Recommendations related to Affordable Housing
Options for increasing the efficient use of land should be explored to maximize the amount of affordable housing that can be produced.
Options for reducing construction costs should be explored to maximize the amount of affordable housing that can be produced.
Options for effectively using cross-subsidies should be explored to maximize the amount of affordable housing that can be produced.
Key Data
$30
— Average price per square foot for land in weak housing markets like East Tremont and Morrisania.
$437
— Average price per square foot for land in very strong housing markets.
20 to 30 percent
— Increase in labor costs when using union labor in New York City.
$2,500
— Monthly rent required to cover construction costs even in the weakest housing markets.
$23,766
— Annual subsidy required to make a new unit affordable for an extremely low-income three-person household.
$955,000
— Annual cost to provide 50 units to very low-income households in weak housing markets.
New York City's rental affordability crisis is largely driven by income shortfalls rather than just housing costs, with 42% of renter households facing rent burdens when accounting for subsidies and food stamps. Policymakers should prioritize targeted assistance for vulnerable groups, specifically single seniors and single parents, who disproportionately experience severe rent burdens.
Recommendations related to Affordable Housing
The administration should pay particular attention to single seniors when targeting programs to address housing affordability.
The administration should pay particular attention to single parents when targeting programs to address housing affordability.
Policymakers should recognize that the housing affordability problem is in large part an income problem when shaping approaches to address it.
Key Data
42%
— Share of New York City renter households that are rent burdened when adjusting for actual rent paid and food stamp benefits.
891,037
— Total number of rent-burdened households in New York City using the adjusted income measure.
428,394
— Number of low-income households in New York City that are severely rent burdened.
22%
— Share of renter households facing a severe rent burden of more than 50% of income.
738,132
— Number of low-income burdened households paying housing costs of more than 30% of income.
1,217,801
— Number of renter households that do not face rent burdens.
The New York City Housing Authority faces a severe financial crisis with growing operating deficits, driven by high costs and insufficient revenue. To address this, the authority's 'NextGeneration NYCHA' roadmap proposes operational reforms, revenue generation, and residential infill development to ensure long-term financial stability and preserve affordable housing.
Recommendations related to Affordable Housing
The New York City Housing Authority should increase rent collection rates to HUD's 95 percent target to generate an estimated $39 million in 2015.
The New York City Housing Authority should generate more than $26 million annually in non-rental income by increasing parking fees, appliance fees, commercial activities, and rent collections from nonprofit tenants.
The New York City Housing Authority should streamline management to curtail the scope of responsibility for borough offices to non-redundant functions to save $33 million annually by 2019.
The New York City Housing Authority should eliminate responsibility for community and senior centers to save $19 million annually and rely on service provision by better-equipped City agencies and nonprofits.
The New York City Housing Authority should improve productivity by increasing use of Job Order Contracting, negotiating work rule changes, and pursuing cost savings through private property management companies.
Key Data
$194 million
— Projected operating deficit for the New York City Housing Authority in 2019.
77 percent
— The New York City Housing Authority's average rent collection rate.
$320
— The amount by which the New York City Housing Authority's monthly operating costs per unit exceed those of a private rent-stabilized unit.
$39 million
— Estimated revenue generated in 2015 by increasing rent collection rates to HUD's 95 percent target.
$26 million
— Annual non-rental income that can be generated by increasing parking fees, appliance fees, commercial activities, and nonprofit rent collections.
$33 million
— Annual savings by 2019 from streamlining management to curtail the scope of responsibility for borough offices.
Rent regulation in New York City is often mischaracterized as an effective tool for low-income affordability, yet 44% of tenants in regulated units are rent burdened, while many regulated units are occupied by higher-income households. Furthermore, market-rate housing remains affordable for a majority of tenants, and the total number of rent-regulated units has stabilized rather than rapidly declining.
Key Data
38%
— of New York City’s tenant households are rent burdened when using the out-of-pocket measure.
54%
— of market-rate households, or 441,202 households, pay less than 30 percent of income for rent.
44%
— of tenants in rent-regulated units are rent burdened.
211,000
— regulated units are occupied by middle-income and upper-middle income households.
1,087
— is the number of rent-regulated units that grew in 2013 according to the Rent Guidelines Board.
1 million
— rent-regulated units remained in New York City in 2014.
The City's $83.8 billion Ten-Year Capital Strategy, which includes an $8 billion affordable housing plan and a $2 billion increase for the housing authority, lacks sufficient information to judge the effectiveness of these investments. The strategy also raises concerns regarding the City's high debt burden and the absence of clear performance metrics to ensure these capital projects provide demonstrable benefits.
Recommendations related to Affordable Housing
The Council should require improved reporting on the rationale for and performance goals of capital spending to ensure that investments, including those for affordable housing, provide demonstrable benefits.
The City should limit the capital budget to clearly defined projects rather than setting aside funds with uses to be decided later, which affects the transparency of the affordable housing plan.
The Strategy should incorporate information from agency assessments to clearly spell out how much of the state of good repair needs, including those for the housing authority, will be addressed by the proposed investments.
Key Data
$8 billion
— The Mayor's affordable housing plan included in the Ten-Year Capital Strategy.
$2 billion
— The increase in funding allocated for libraries, public transit, and the housing authority.
$83.8 billion
— The total cost of the Ten-Year Capital Strategy for Fiscal Years 2016 to 2025.
$100 billion
— The amount of debt the City has outstanding.
The Port Authority's underused Brooklyn port facilities should be repurposed to address regional priorities, potentially yielding between 3,800 and 7,600 housing units. By converting these 105 acres, the city could significantly increase available land for community-desired uses like affordable housing, schools, and parks while reducing the Port Authority's financial losses.
Recommendations related to Affordable Housing
The Port Authority should repurpose its underused Brooklyn facilities to allow for community-desired uses, including affordable and market-rate housing.
The city should engage the community in a process to envision how the 105-acre property could best be used to generate housing units and other community benefits.
Key Data
3,800 and 7,600
— Potential housing units the site could yield if repurposed.
105 acres
— Size of the facilities that could be made available for development.
175 percent
— Increase in vacant land in Community Board 6 if the facilities were made available for development.
10 percent
— Growth of vacant land in the borough if the facilities were made available for development.
In 2010, combined housing and transportation costs for moderate-income households varied significantly across major U.S. cities, with Riverside, California, experiencing the highest burden at 53% of income. Conversely, Washington, D.C. reported the lowest cost burden for this demographic at 34% of income.
Key Data
$18,919
— Annual combined housing and transportation costs for a moderate-income household in New York City, representing 37% of income.
$24,101
— Annual combined housing and transportation costs for a moderate-income household in Riverside, representing 53% of income.
$23,299
— Annual combined housing and transportation costs for a moderate-income household in Washington, D.C., representing 34% of income.
$26,921
— Annual combined housing and transportation costs for a moderate-income household in San Jose, representing 39% of income.
New York City ranks as the seventh most expensive housing market, but its relatively low transportation costs and high incomes make it the third most affordable city when considering combined housing and transit expenses. Increasing density in transit corridors is a key strategy to maintain this affordability and support development.
Recommendations related to Affordable Housing
Municipal leaders should be concerned with the fiscal health and administration of New York City’s major transit agencies—the Metropolitan Transportation Authority, the state and city transportation departments, and the Port Authority of New York and New Jersey.
Increasing density in transit corridors is a sensible approach to development and an important component of the Mayor’s affordable housing plan.
Key Data
$14,700
— Annual rent for a typical household in New York City, making it the seventh costliest housing market.
$5,752
— Lowest annual transportation costs for a typical household in New York City among the cities studied.
32%
— Combined housing and transportation costs as a percentage of income for a typical household in New York City.
$63,915
— Annual income for a typical regional household in New York City.
56%
— Percentage of households in New York City that do not own a car.
$20,452
— Total location costs (housing and transportation) for a typical household in New York City.
New York City's housing affordability crisis is driven by a heavy reliance on rental units and a housing supply that has grown more slowly than in other major cities. While the city faces significant challenges, with 51 percent of rental households spending more than 30 percent of their income on housing, it does not have the highest rents or the worst affordability metrics compared to other large U.S. cities.
Recommendations related to Affordable Housing
The city should pursue policy solutions that increase development and the supply of housing to address affordability.
Policymakers should recognize that increasing the supply of housing is a key mechanism to help keep prices down.
Key Data
68.3 percent
— The rental share of occupied housing units in New York City, which is greater than every other large city.
5.8 percent
— The increase in the number of housing units in New York City between 2000 and 2012.
3.6 percent
— The vacancy rate in New York City in 2012, which is below the 5 percent 'emergency' level.
51 percent
— The share of rental households in New York City in 2012 that spent more than 30 percent of their income on housing.
$41.1 billion
— The total investment required for the administration's affordable housing plan to create 200,000 units.
41 percent
— The share of rental households in New York City with unaffordable housing in 2000.
New York City's rent regulation system, originally designed to prevent price-gouging, fails to provide affordable housing for low- and middle-income families because benefits are often poorly targeted to higher-income households. Instead of expanding these regulations, the state should phase out benefits for high-income earners and focus on more effective, targeted solutions to address the city's housing shortage.
Recommendations related to Affordable Housing
The protections now available to low- and moderate-income households should be retained.
The legislature should reduce the inequities and social costs of regulation by phasing out benefits for higher-income households.
State leaders must shift their focus to better targeted and more effective solutions to address the city's affordable housing problems.
Key Data
$283 million
— Annual reduction in property tax liability caused by lower rents in the regulated sector.
$175,000
— Annual income threshold for high-income, high-rent vacancy decontrol, which places a household in the top 6.7 percent of all city residents.
60 percent
— Share of rent regulation benefits that accrue to households with incomes below $50,000.
14 percent
— Share of rent regulation benefits that go to households with incomes of $100,000 or more.
35.8 percent
— Percentage of private-sector renters with incomes below $50,000 who are in unregulated units.
19.6 percent
— Percentage of the 314,027 households without government assistance that have affordable housing.
Rent regulation in New York City provides significant but poorly targeted benefits, with many subsidies accruing to higher-income households rather than those most in need. Future policy should focus on phasing out these protections for high-income earners while expanding more effective, better-targeted programs to ensure housing remains affordable for low- and moderate-income residents.
Recommendations related to Affordable Housing
Benefits now available to low- and moderate-income households should not be reduced, but the poorly targeted benefits can be removed at an accelerated pace by phasing out regulation for higher-income households.
The long-term contraction in the scope of rent regulation should be accompanied by expansion of other more effective programs to promote affordable housing.
The guiding principles for this initiative should be to focus on keeping rent-income ratios for low- and moderate-income households below a threshold of about 30 percent, to rely primarily on competitive markets to set prices for housing, and to maximize reliance on federal funding rather than local funding for subsidies to lower-income households.
Key Data
$5,500
— Average annual rent reduction per housing unit provided by rent regulation.
$283 million
— Annual decrease in the City of New York’s property tax revenue due to rent regulation.
$1.9 billion
— Total annual amount paid in extra rent by 669,000 households in unregulated units due to the market distortion caused by rent regulation.
$2.6 billion
— Total annual rent discount associated with regulation under the assumption that unregulated rents would be 15% lower if the market were fully deregulated.
31 percent
— Average discount provided by rent regulation for most affected units.
54 percent
— Share of rent-paying households in private, regulated units that had affordable housing in 2008.
New York City's rent regulation system is poorly targeted, causing unregulated renters to pay an average of $2,800 more annually while reducing potential property tax revenue by $283 million. The current framework fails to effectively provide affordable housing to those in need, necessitating a massive overhaul to better align assistance with actual income levels.
Recommendations related to Affordable Housing
The rent regulation system requires a massive overhaul to address its failure to provide adequate relief to the neediest New Yorkers.
Policymakers should implement better-targeted housing assistance to ensure support reaches those who actually need it.
Rent regulations must be reformed to ensure they are well-targeted to low- and moderate-income households rather than providing broad, inefficient discounts.
Key Data
$2,800
— Tenants in the unregulated rental market are paying an average of $2,800 more a year for their apartments than they would pay if there were no rent regulation.
$1.9 billion
— Unregulated renters pay $1.9 billion a year as a consequence of rent regulation.
669,000
— There are more than 669,000 unregulated renters paying higher costs as a consequence of rent regulation.
500,000
— More than 500,000 households in unregulated units have incomes below $75,000.
$283 million
— The city's property tax revenue would grow by about $283 million annually without rent regulation.
31%
— The average discount provided by rent regulation is about 31%.
Rent regulation in New York City provides significant but poorly targeted benefits, with total annual rent discounts estimated at $2.6 billion while simultaneously costing the city $283 million in annual property tax revenue. Future policy should focus on phasing out protections for high-income households while expanding more effective, targeted programs to ensure housing remains affordable for low- and moderate-income residents.
Recommendations related to Affordable Housing
Benefits now available to low- and moderate-income households should not be reduced, but the poorly targeted benefits can be removed at an accelerated pace by phasing out regulation for higher-income households.
The long-term contraction in the scope of rent regulation should be accompanied by expansion of other more effective programs to promote affordable housing.
New legislation should phase out benefits for all high-income households.
The role of state and local government should be to evaluate the efficiency and effectiveness of existing affordable housing programs and other policies, such as zoning, that affect housing investment.
The City should experiment with additional programmatic models and expand their financial commitment as economic and fiscal conditions improve.
Key Data
$2.6 billion
— Total annual rent discount associated with rent regulation.
$1.9 billion
— Annual cost in higher rents for those in unregulated housing.
$283 million
— Annual decrease in City of New York property tax revenue due to rent regulation.
31%
— Average rent discount provided by rent regulation.
53.2%
— Share of private rental households with affordable housing, defined as a rent-income ratio of 30% or less.
190,000
— Number of units removed from regulation from 1994 through 2008.
Rent regulation in New York City covers over one million units, yet it often fails to make housing affordable for the lowest-income households while providing benefits to many higher-income residents. State leaders should prioritize broader strategies to target assistance to those in need and improve housing market efficiency rather than simply extending current regulatory reach.
Recommendations related to Affordable Housing
The Legislature should be cautious about initiatives to extend the reach of rent regulation.
State leaders should think more broadly about ways to better target assistance to lower income households.
State leaders should allow the market to work in ways that better allocate housing and expand housing choices for all New Yorkers.
Key Data
1,045,317
— Number of occupied, regulated housing units in New York City in 2008.
2.1%
— Vacancy rate in New York City's regulated rental sector in 2008.
440,000
— Number of households with annual incomes below $35,000 in regulated units that do not have affordable housing.
125,000
— Number of households in regulated housing with annual incomes of $100,000 or more.
28%
— Percentage of households in regulated units for which legal regulations do not substantially lower the rent they pay.
4.7%
— Vacancy rate in the unregulated rental sector in 2008.
New York City's capital assets, including housing, are managed through a fragmented system that requires better long-term planning and integration with the PlaNYC agenda. The city should improve its needs assessments, establish clear replacement cycles funded by operating revenues, and justify expansion projects with rigorous economic analysis.
Recommendations related to Affordable Housing
The City should improve its needs assessments, and develop a systematic plan or timetable for bringing all capital assets to a state of good repair.
The City should place all its capital assets on regular replacement cycles according to their useful lives and fund their replacement with operating revenues, not from the capital budget.
Expansion projects should be clearly explained and justified with data that demonstrates economic and other benefits, or a high rate of return on the investment of public funds.
The strategic approach should also be expanded to encompass other agencies and capital assets.
Key Data
$5.1 billion
— The value of public housing assets managed by the New York City Housing Authority.
178,466
— The number of housing units managed by the New York City Housing Authority.
2,644
— The number of buildings managed by the New York City Housing Authority.
No results for your current filters. Manually edit your filters, or
clear the filters.
Share Feedback
Give a star rating, write a comment of at least 10 words, or both.
