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Association for Neighborhood & Housing Development
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From DNA Info:
Approximately 3,000 of the 20,000 affordable apartments the de Blasio administration preserved or built last year will be permanently affordable — leaving the rest to eventually become market rate — according to the city housing department.
The city created 3,031 new homes under its inclusionary housing program, which ensures they will remain permanently affordable, while the other 5,453 affordable units being built under the city's watch will transition to market-rate rentals in as soon as 30 years, officials said.
The remaining 11,000 or so already-built units that are being preserved by the de Blasio administration as affordable were slated to become market-rate units as a result of earlier mayors' affordable housing agreements — the same temporary conditions the de Blasio administration is now using, critics say.
6 comments:
Why would you rent or sell below market value?
Does no one teach, study, or learn SIMPLE economics?
This is not rocket science.
And each time the government gets involved, everyone is shocked by the unintended consequences...
Affordable housing is just a dog and pony show to aid the developers.
sounds good at election time
>Why would you rent or sell below market value?
Because then the city lets the builder put up a bigger building or get a tax break.
This is shall be known as the predator developer act. The only thing this will accomplish in 10 years is the massive wealth that will be generated for the Blaz's donors. I think he knows he's going to be one term and will be working for these monsters in the private sector. But since his days working at HUD with Cuomo, his kowtowing for Ratner while being the public advocate, and the spread of high end blight and monolithic glass tumors and cranes, he basically is a lobbyist for these parasites.
Different version of corruption.
They name it affordable corruption
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