May 5, 2014

Mayor De Blasio's Housing Plan


Mayor De Blasio’s Housing Plan—Housing New York: A Five Borough, Ten Year Plan

Mayor Bill De Blasio released today Housing New York:  A Five Borough, Ten Year Plan, his eagerly anticipated plan to build and preserve 200,000 housing units, including 50,000 new affordable housing units.

The plan is guided by eight principles, such as revamping the city’s planning and land use policies, establishing economic diversity as the cornerstone of housing development and strategically protect past investments in housing affordability.

These guiding principles will redefine many of the city’s housing programs and policies and can be seen in the more than the fifty initiatives in the plan

Here are a few highlights from the plan:
  • Propose the creation of a Task Force to explore legislative and administrative changes to simplify and rationalize the city’s tax programs while increasing their effectiveness in creating affordable housing.
  • Change zoning and land use regulations to promote housing creation through conversion of obsolete non-residential buildings and identification of opportunities for using Transferable Development Rights.
  • Create new incentives for properties that are not served by existing programs but are in danger of converting to condos or exiting rent regulations.
  • Define affordable housing as follows: Extremely Low Income (0-30% of AMI); Very Low Income (31-50% of AMI); Low Income (51-80% of AMI); Moderate Income (81-120% of AMI); Middle Income (121-165% of AMI).
  • Overall production goals of the plan: 60 percent preservation; 40 percent new construction.
  • Share of housing units preserved or created by income group:  Extremely Low income (8 percent); Very Low Income (12 percent); Low Income (58 percent); Moderate Income (11 percent); Middle Income (11 percent). 
source: REBNY


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