The Privatization Of Public Housing

NYCHA

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.

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What NYC’s Social Indicators Report Says About Shelter Residents’ Placement In Public Housing

NYCHA

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.”

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Homeless New Yorker Stat Of The Day: 5/16/16

HMLS New Yorker

According to the Coalition for the Homeless, in 2014, the average yearly cost of sheltering a homeless adult in a NYC homeless shelter was $28,609. In the same year, the average yearly cost of sheltering a homeless family in a NYC homeless shelter was $37,047. Compare these figures to the statistic that the average yearly rent for a unit in New York City public housing was $5,568 in 2015. Now, ask yourself the reasonable questions that arise from reading the aforementioned statistics.

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