New York City On Pace To Meet Mayor’s Affordable Housing Goals
New York City is on pace to hit its affordable housing goals set by the mayor, with nearly 35,000 new affordable units produced over the last four years.
In total, 34,482 new affordable housing units have been built since 2014, according to a report from the New York Building Congress released Thursday.
That figure accounts for 29% of Mayor Bill de Blasio’s target of creating 300,000 affordable housing units by 2026. Another 75,000 affordable units have been delivered through preservation since 2014, according to the report.
Much of the progress of new units has been in the Bronx, with a total of almost 12,000 units, or 40% of all apartments delivered. Brooklyn followed the Bronx with 8,000 units.
“The lack of affordable housing for New Yorkers is an emergent and worsening crisis,” New York Building Congress CEO and President Carlo Scissura said. "Members of the design, construction and real estate industry must continue to work with the Mayor’s office to remedy this housing shortfall and keep New York City a great place to live."
Like much of the country, New York City is facing an affordable housing crisis. More than 40% of New York households are rent-burdened, and more than 100,000 public school students lived in temporary housing last year.
Developers say joint ventures and working with nonprofits are the best way to get these sorts of affordable housing projects over the line. However, affordable housing deals are increasingly being backed with traditional financing and real equity as high net worth investors and insurance companies are drawn to the stability and reliability of the sector.