As one of top issues raised during his mayoral campaign, Mayor Bill de Blasio is aiming to tackle the shortage of affordable housing in the City by promising to build or preserve 200,000 affordable units throughout the five boroughs over the next ten years. His predecessor, Mayor Michael Bloomberg, was able to deliver approximately 165,000 units over a 12-year span, while Mayor Ed Koch was able to preserve about 190,000 units over 13 years during the 1980’s and early 1990’s. Although Mayor de Blasio’s goal will be a lofty one, Alicia Glen, the new Deputy Mayor for Housing and Economic Development, has said that the administration has already begun translating the Mayor’s ideas into an operational plan. The big question in all these plans for owners of existing affordable housing: how do they fit into the plan other than a suggested freeze on rent increases?
Courtesy of NPR, a very well thought out summary of the many reasons why apartment rents in highly desirable urban areas have continued to increase. The growing recognition that supply and demand is what drives housing prices may also be the reason that Mayor Bill de Blasio has committed only to producing more affordable housing, not making New York City a more affordable place to live, which is an entirely different and more difficult proposition. Click here for the story.