RADical Changes at NYCHA
Mayor de Blasio has announced that NYCHA will begin participating in a federal housing program called Rental Assistance Demonstration. RAD transfers public-housing units to outside management, shifting the costs and responsibilities for upkeep to private-sector partners in exchange for revenue and tax credits. This type of public-private partnership is exactly what the housing authority should be doing if it wants to begin addressing its operational and capital problems. The only question is why it took the de Blasio administration so long to sign up.
The Facts You Need to Know
Billions: NYCHA’s capital-project backlog is at $32 billion … and counting. Read more.
Late: New York is well behind much smaller jurisdictions in signing up for RAD, which was introduced six years ago with the city specifically in mind. Read more.
Bonded: RAD enables property managers to issue bonds for capital work, which will speed up the time frame for repairs. Read more.
“As we strive to preserve public & affordable housing for future generations, RAD is one of the clear paths forward to get residents the repairs they need.”
The Past is Present
“Section 8 vouchers were supposed to revolutionize subsidized housing—but only expanded it.”
Wall Street Journal
Larry Mone — President of Manhattan Institute — will retire from the idea shop that helped revive the city. Read more here.
And in other news...
“For a decade, New York City officials have carried out a campaign to shut down what they call illegal hotels in apartment buildings listed on Airbnb and other home-sharing sites.”