Tuesday, November 20, 2018

The shoe is on the other foot

From Crains:

Mayor Bill de Blasio is preparing a revised plan to raise money for the troubled New York City Housing Authority by working with private property managers and developers. And a major change to the blueprint involves trimming the amount of affordable housing that will be created—something that would have been anathema to the mayor just three years ago.

The city's plan, which officials said will be released by the end of the year, will be called Nycha 2.0 and will consist of increasing the number of developments managed by private companies, selling air rights and building new apartment towers on vacant or underused land, according to Politico New York, which first reported the initiative. Officials believe they can raise nearly $22 billion, which would take out a significant chunk of the authority's current $32 billion capital needs.

One key element of the plan is developing new apartments on Nycha-owned land that would generate income for the agency, something that was first proposed under the Bloomberg administration. Under that initiative, the buildings would have been 80% market-rate and 20% affordable.

"The idea was to generate money to repair the existing buildings and create significant new affordable housing, though the buildings would not have been 100% affordable," said Fred Harris, a former Nycha executive who helped draft the plan.

However, de Blasio criticized the Bloomberg plan as "a pure giveaway to wealthy elites" and in his NextGen plan proposed buildings that would be entirely affordable or split evenly between affordable and market rate.

11 comments:

JQ LLC said...

The feds starved public housing and the weak ass mayor gave in. The only bright side to this is that de Faustio will never become the progressive icon he spent his entire mayoralty to be instead of running the city. I'm surprised the dope didn't manufacture shirts imposing his face on Che Guevara's famous visage.

Expect more hotels to get built when these "improvements" get done, because that's where the disenfranchised will wind up. As the many families who were forced out by scumlords in former middle class and working poor areas that lived in Brooklyn.

That is the real affordable housing plan. It's looks like there's a tie between predatory real estate and the hotel chains.

Anonymous said...

This is what the Dumblasio administration was all about, privatizing NYCHA, the real estate developers needed a "progressive" mayor to do this so the progressives and liberals would not complain, and of course they brought his act hook line and sinker...

Anonymous said...

The government should get out of the housing business - it does a lousy job anyway.

Anonymous said...

This is what the Dumblasio administration was all about, privatizing NYCHA

Then kudos to him! I can't stand mayor Big Slow, but even a broken clock is right twice a day. NYCHA is a cesspool. This is a step in the right direction.

Anonymous said...

Capitalism to the Rescue...again.

Anonymous said...

NYC should sell the whole thing. Or at least put management services out to contract.

Anonymous said...

Oh sure! Yeah! Yeah! Yeah! Wake when he's over!

Gary W said...

Billions and a helipad for Amazon.

Sorry little Jose and Taqueesha you get lead paint chips.

Tommy Efreeti said...

turn each complex over to a privately managed EDC structured as a non profit which must conform to reasonable standards subject to annual survey to stay solvent.

JQ LLC said...

The judge recommended (instead of ruled it, jesus christ he's the judge) that NYCHA should be under receievership, which actually made de Faustio pissed when he was questioned by the press the other day.

He was flanked by that career bureaucrat Brizhinoff and Deputy Mayor of Housing and Development Fixer Alicia Glen at the time. There was a big sign on the dais in front of them saying "RESIDENTS FIRST"

NYCHA is a cesspool because it was purposely neglected by the government officials appointed for it's stability and habitability for decades and underfunded by the federal government. And now the predatory developers are finally going to get the properties they have been ravenously waiting for after decades of legislation awarding them tax breaks and subsidies.

Great comment Gary W.

Little Jose and Taqueesha said...

Whew. Glad that pesky Mark Peters is gone.

Now we can make some real moola