At least on paper, the city’s new mandatory inclusionary housing program has resulted in 1,464 new units of housing for low- to moderate income New Yorkers so far this year.
According to Mayor Bill de Blasio’s 10-year housing plan, it’s estimated the requirement will translate into 12,000 affordable units by 2024.
A wide range of developers have said in a variety of ways that the policy’s “stick” will mean little without the “carrot” of the 421-a tax abatement or a viable alternative, according to Politico. That program was allowed to lapse in January and no clear replacement has emerged.
The first private development to include housing under MIH is a residential tower at 4650 Broadway in Inwood, near the northern tip of Manhattan.
It’s being built by Acadia Sherman Avenue LLC, according to Capital New York, and will have 67 units set aside for low-income folks (defined in NYC as 40% of area median income, or about $25k a year). There are also 268 market-rate units planned.
The project will need a rezoning to pass the City Council in order to be built.
On Monday, the City Planning Commission green-lit several projects that will include affordable housing required by the new mandate, which will move onto the City Council for final approval.
Among those is 141 Willoughby St. in Fort Greene, Brooklyn. Its plan includes 81 affordable units. There’s also a planned rezoning along 147th St. in the Bronx that could result in as many as 50 affordable apartments.
A big chunk of below-market-rate units—476—could come from a proposed development at Hudson River Park’s Pier 40. [CNY]
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