It’s not news that the New York City Housing Authority—the nation’s largest public housing agency—is in serious financial trouble, needing tens of billions of dollars just to manage repairs on its buildings. Since NYCHA can’t impose assessments or raise rents, which are limited by law to a percentage of tenant income, it has turned to leveraging its underused assets to generate revenue. The city’s infill plan, which will allow for market-based development on NYCHA property, will give the housing authority an opportunity to crawl out of its deep hole of debt and deferred-maintenance costs.
The Facts You Need to Know
Win/Win: Building grocery stores and other retail space on NYCHA land could generate tens of millions of dollars in rent, helping pay for needed repairs. Read more.
Cheap: Subsidized NYCHA parking lots charge residents as little as $7 per month, well below the market rate for parking. Read more.
Space: NYCHA properties have enough underutilized space to accommodate 58 million square feet of new construction. Read more.
“A morning at NYCHA leaves one with the view that a lot of small-ticket fixups could make a big difference in the daily lives of tenants.”
Parking lots are a luxury that #NYC can no longer afford. Honored to speak at the ribbon cutting of the new @CAMBAInc housing built on @NYCHA infill. Nearly $2M from the project was used to make repairs on #VanDykeHouses & resulted in over 113 new jobs for #NYCHA residents! pic.twitter.com/vDePlD0weT— Lynne Patton (HUD) (@LynnePattonHUD) May 9, 2018
The Past is Present
“The mayor has some good options—if creating affordable housing is really his goal.”
And in other news...
“New York City subway problems are so bad that a contentious plan for motorists to pay to drive in certain parts of Manhattan is resurfacing.”