New York City has sold a percentage of its ownership in the city’s public housing to private developers. According to The Wall Street Journal, the city has sold a 50% stake in almost 900 NYCHA apartments to L + M Development Partners Inc. and BFC Partner. The sale reportedly garnered $150 million in immediate revenue.
The deal is said to still be “open,” and subject to further stipulations and negotiations. According to The Gothamist, NYC will receive an additional $100 million from the sale over the next 15 years, and $100 million in renovations.
The kicker is that the private developers are allegedly not only receiving tax credits, but they will also be able to receive the difference between the NYCHA rent and the market-rate from the federal government. Also, the developers will reportedly have the option of turning their purchased NYCHA apartments into market-rate apartments in 30 years.
A new report has been released by New York State’s comptroller’s office regarding homelessness in New York. The report focuses on the 8-year time period of 2007 to 2015. According to the report, New York’s homeless population rose by 41% during a time when the rate of homeless in the country decreased.
There are some shelter administrators who would benefit from being trained by these young people, especially when it comes the idea that, “homelessness is not a choice.” I had an administrator lecture to me about “choices” more than once. I had to kindly explain to more than one shelter administrator the difference between a choice and a last resort.
The April 2016 Social Indicators Report, which is created by the Mayor’s Office of Operations for the City of New York, states the following regarding homeless shelter residents’ placement in public housing: “In 2016 and continuing for the next five years, NYCHA will set aside an additional 750 public housing units for homeless families coming out of DHS shelters. Combined with the NYCHA’s existing commitment to place 750 homeless families in public housing, NYCHA will place 1,500 homeless families into public housing each year, on top of the approximately 1,000 families NYCHA places each year that are at risk of homelessness.”