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Permanent Problem / Permanent Solution
November 6, 2011
The New Housing Marketplace Plan, is on track to create or preserve 165,000 affordable units by 2014. This commitment is historic and represents a tremendous investment of public resources for affordable housing. The plan, however, is weak from a sustainability perspective as the overwhelming majority of the units developed are only restricted for the length of the financing, which typically lasts 30 years and sometimes much less. Indeed, this flaw means that the city may not be developing housing for “the next generation” since for every affordable unit added or preserved, at least one other may be lost due to expiring affordability restrictions or loopholes in the state’s rent stabilization laws.
The need to lock in the value of public investment for affordable housing is especially clear given other noteworthy steps the Bloomberg administration has taken to plan for the city’s long-term future. For example, PlaNYC 2030, launched on Earth Day 2007, is a comprehensive sustainability plan for the city that seeks to maintain and modernize the city’s infrastructure, conserve the city’s natural and physical resources, and plan for growth, including the creation of homes for one million additional residents. The reality, however, is that many of the units previously developed with city subsidy may no longer be affordable when these future residents arrive. Thus, it is evident that the goals of PlaNYC and the New Housing Marketplace plan be better aligned going forward.
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