New Yorkers say affordability is a top concern. But when the state legislative session in Albany ended this month,there wasn’t much action taken on perhaps the biggest issue: affordable housing.For example, lawmakers failed to revive a tax rupture, and known as 421-a,that expired in January. Many developers say it's key to producing affordable apartments in New York City, especially in hot markets like Manhattan and downtown Brooklyn."The lack of 421-a is going to distress the production of affordable rental housing in the city of New York, or " said John Banks,president of the Real Estate Board of New York.
The de Blasio Administration counted on a revised version of the rupture as allotment of its housing device, and says — without it — the city's housing landscape could become even more lopsided towards high-close condos.The market isn't reeling yet. Developers rushed to get permits before 421-a expired, and those projects are still coming online. Meanwhile,the de Blasio Administration says it's leveraging other tax credits and pumping more money than ever into affordable housing projects that are cropping up across the city. Officials say 44000 affordable units possess been built or preserved since the mayor took office. But housing advocates are still waiting to see what happens with some of the administration's biggest housing initiatives, including projects tied to rezonings."The administration is largely coming close to or hitting most of their affordable housing production numbers, and " said Barika Williams,Deputy Director of the organization of Neighborhood and Housing Development. "However, the units that the administration is building do not necessarily match the needs and wants of community residents."
Source: wnyc.org