“Between 1981 and 2011, the number of rent-controlled apartments in New York plummeted from more than 285,000 to fewer than 39,000.” -The Furman Center for Real Estate and Urban Policy”
A recent article in DNA Info cites a Furman Center study that states: “Only 14.8% of the buildings currently getting the tax abatement have on-site affordable housing, while an additional 4.4% support affordable housing at a different site.”
Note that tax abatements are given to real estate developers by the government in exchange for an agreement that the developers provide affordable housing units within the developments that they build. The question is: Who is monitoring the developers to make sure that they honor their agreement? Also, are there loopholes in the agreement that allows the developers to sidestep their promised obligation to offer affordable housing?
According to the New York Daily News, NYU’s Furman Center tallied that 5,246 housing units were authorized for new construction in the third quarter of 2016. Researchers tabulate this figure as a 49% increase from the previous quarter.
The question is: What percentage of these new housing units will be affordable?
According to the Coalition For The Homeless, after the Bloomberg administration terminated the Advantage housing program, 8,500 families affected by the cancellation returned to the New York City homeless shelter system.
The cancellation of the City’s Advantage program is sometimes cited as the reason why landlords accept LINC vouchers.