Shola Olatoye, the chairwoman and chief executive officer of the New York City Housing Authority under Mayor Bill de Blasio, said today that partnerships with private real estate interests may be the future for the cash-strapped agency.
Speaking at a hearing of the City Council’s Committee on Public Housing, Ms. Olatoye indicated that the housing authority could look to selling stakes in its 2,563 buildings across the city in order to fill its infamous budget deficits, in the absence of federal funding streams. She said a recent deal in which the housing authority formed a limited liability company with two private developers to co-own and manage six of its non-project properties in order to qualify for $465 million in loans and tax abatements could prove to be a model for arrangements going forward—as could the ongoing programs of rezonings and monetary incentives the city has used to encourage builders to construct below market-cost apartments.
“We don’t know what the future holds. But I think it would be irresponsible for us to not take advantage of tools that, frankly this city has utilized and pioneered to create thousands of affordable housing units,” she said.
10 comments:
So it looks like the city may start converting housing projects into affordable housing ?
Tear them all down .no more than a five story building in its place.
The powers that be want absolutely as little poor people as possible.
They want just enough to do the low level service work.
And to some degree they're correct. I'm not for people living for free.
People being fooled into thinking that any move the government or the system does is in "their" benefit needs to wake up.
Step in the right direction - get rid of these entitled people!
Privatization of the housing is the next step after the city did the same with the homeless shelters. Normally the private sector does a better job than City run agencies, however if the "non profits " that run the shelters are any indication of things to come we are about to dish out more tax money to politically connected hacks. Will these partnerships be awarded by competitive bids or just given out to those with the best political connections? I fear we all know the answer.
I'm sure that "privatizing" will have its usual beneficial effects...
no oversight, sweetheart contracts, graft, further destruction of the properties. Oh, I forgot....the business sector can do anything! (see 911 modernization)
we will never learn.
what about all the revenue that I keep hearing about? From all the filming of mediocre and lousy movies and t.v. shows. What about the influx of billionaires and foreign investments. oops that's what this is,Phantom hedge fund LLC's looking to blow up their profits and sadistically ruin families and poor single people at the same time.
This new chairwoman of nycha has turned out to be a sellout fraud.I think the buildings are safer when That last tool running it was doing nothing.
whatever improvements the current dwellers will get is only temporary,once they are priced out and permanent for the doe-eyed transplants to move in
New New York Uber Alles
NYCHA is already a cesspool of corruption, waste, and a magnet for crime.
Wouldn't you people rather see people paying their own way living in better maintained properties there by deregulating instead of people living in overpriced ratholes on your dollar? Public Housing is not the same as homeless shelters.
It's one thing to build and overbuild where there is already density enough. Quite another to replace an already bad situation with something better.
Why is it the large apartment complex cwhere i lived in bay ridge years ago didn't have cops patrolling it 25 years ago? But nycha prperties need their own cops 24/7, that says it all.......
Send her back to Nigera. Hire an American, promote from within NYCHA. DeBlasio is a one term mayor. So sayeth NYCHA employees.
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