As the economic climate grows gloomier, the Bloomberg administration is predicting a drop in the amount of affordable housing to be produced in the coming years, according to figures in the latest Mayor’s Management Report, released yesterday. The lowered estimates, however, do not yet jeopardize the mayor’s ambitious plan to create 92,000 new affordable units by 2013, the city says.
Targets for Affordable Housing Drop, But City Says Its Plan Still On Track
Previously, the Department of Housing Preservation and Development dropped its target of new construction starts in the current fiscal year from 11,587 to 8,568. Now, yesterday’s MMR shows that HPD is expecting even fewer construction starts on new affordable units, with 7,947 predicted for the next fiscal year, which begins in July.