A Hopeful Path Forward for NYCHA
Last week, Mayor de Blasio announced NYCHA 2.0, which further embraces the public-private partnership model of financing to meet the agency’s massive capital needs. By leasing underused land and transferring air rights, NYCHA can generate billions of dollars to use for repairs. A new agreement with labor, with expanded working hours, will provide flexibility in planning and management. These are salutary changes, giving NYCHA a better chance of achieving solvency and getting its buildings into good repair.
The Facts You Need to Know
Contracts: Up to now, rigid legacy labor contracts have prevented NYCHA from pursuing rapid-response repairs. Read more.
RADical: The Rental Assistance Demonstration (RAD) program that NYCHA has finally embraced will allow private managers to issue bonds backed by federal guarantees to fix NYCHA’s buildings. Read more.
Stores: NYCHA should encourage retail development on its building sites to generate additional revenue and provide amenities for residents. Read more.
“This is the first work rule change of this nature, schedule changes in 50 years to ensure that the people of NYCHA get the repairs that they need when they need them including nights and weekends.”
The Past is Present
“As if record snowfalls were not enough this winter, New Yorkers also suffered a string of obtuse decisions by judges, further undermining public safety in the city.”
And in other news...
“Mr. Cuomo laid out his priorities during the speech in Manhattan. It was a change in form for governors, who typically list their agenda in a State of the State address in the new year.”