The huge run-up of prices in the 21st century, which can lead to gentrification, speculation, and predatory practices, has shrunk the affordable housing stock, says Andrew Reicher, executive director of the Urban Homesteading Assistance Board, one of the community groups collaborating on the Interboro Community Land Trust in New York City.
“People are looking around for a tool that creates affordable housing from the start, and prevents this type of change from happening again,” he says. “I’m not sure people realize how fragile our housing economy can be.”
One of the more intriguing new CLTs, the nascent Interboro Community Land Trust, aims to apply this model to one of the nation’s most expensive real estate markets, New York City.
According to Reicher, Interboro will partner with developers and nonprofits across the city. New affordable homes, apartment developments, and co-ops will be added to the trust, which will help maintain affordability longer than standard subsidized housing developments.
While Interboro has already attracted seed funding from the city’s Department of Housing Preservation and Development, as well as a $1 million contribution from Citi Community Development, the organization will need to partner with existing projects to truly grow; even a few million won’t be enough to acquire significant land in New York. Still, despite the high costs of acquisition, Interboro believes it can grow to 250 units over the next few years.
4 comments:
Affordable housing schemes are just that... schemes... for the connected and minions of the political class... those of us who work hard don’t have access to this... and never will. This scheme is for the bloodsuckers and land owners who profit off the sweat of others...
The only way we can bring housing prices back down is to deport the illegals and somehow put a cap on how many people can move into this city. Also, the department of buildings should be doing their part by enforcing tenant occupancy laws. Also, anything new that gets built should be go to people who were born here and they should be able to prove that they were born here in nyc. People who were born here should be more entitled to housing here then people who are not from this country or are from outside of nyc. This way, maybe people who were born and educated here wouldn't be moving to othet states and would want to stay here and raise families here.
I don't trust it!
>somehow put a cap on how many people can move into this city
How could you do that legally, much less fairly and morally?
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