With tens of billions of dollars in capital requirements, NYCHA is raising serious questions about its assets and options. News broke last week that the country’s largest public-housing authority is considering tearing down some buildings in high-rent districts and either selling or leasing the land to private developers, in the hope of generating enough revenue to repair its crumbling housing stock. Such pragmatism is welcome, though it might be too late.
The Facts You Need to Know
Debt: NYCHA’s capital-needs backlog is estimated at $20 to $24 billion. Read more.
RAD: NYCHA has finally signed up for the federal Rental Assistance Demonstration program, which offers incentives for investment in the management and upkeep of public housing. Read more.
Private: Private-sector housing performs better than NYCHA, including for residents of low income. Read more.
“It’s past time to recognize the many ways that public housing harms both its beneficiaries and the city and to begin working for its eventual abolition.”
The Past is Present
“Selling New York’s vast public-housing stock would generate enormous revenues and help the poor.”
And in other news...
“City Hall denies it, but Team de Blasio has been looking at blocking charter schools’ recruitment mailings to prospective students and their parents.”