The de Blasio administration financed an all-time high 24,356 units of affordable housing last year, the mayor announced today.
That number included the construction of 7,177 apartments and the preservation of 17,359 that might have otherwise become market-rate dwellings. Half of the total will be available for residents making less than $33,400 a year, or $43,000 for a family of three, though it was unclear from the announcement what the lowest incomes served will be.
Can someone explain how only adding ~7K "affordable" apartments to the inventory is a victory? We need hundreds of thousands of affordable apartments and the city's response to this is to upzone areas that are currently "low density" and relatively affordable so that developers move in and build market rate housing. Throwing more money at landlords year after year so they keep rents stable also seems like a plan destined for future failure.