On Jan. 29, New York City Comptroller Scott M. Stringer announced a five-borough housing strategy. The strategy, called ‘Housing We Need,’ aims to realign New York City’s approach to the housing crisis, including establishing a universal requirement for 25% permanently low-income affordable housing in all new as-of-right development with ten or more units.
The plan also calls for the end of the 421-a tax subsidy program for developers, which costs the city more than $1.6 billion per year, as well as the expansion of affordable homeownership programs, the redirection of existing capital dollars to extremely and very low-income housing construction, and the creation of a New York City land bank that would facilitate the process of turning vacant city-owned properties into affordable housing.
“The power in this approach lies in its simplicity: if you’re going to build in New York City, you will provide affordability that is sustainable,” said Stringer. “You will be part of the solution. No longer will developers be able to use affordable housing as a bargaining chip with communities.”