Mayor de Blasio’s Affordable Housing Plan Off to a Rocky Start

Mayor de Blasio wants to build and preserve 200,000 units of affordable housing in New York City over the next ten years, a feat that has not been accomplished by any of his predecessors. However, this monumental plan is off to a rough start with the proposed Astoria Cove project in Queens.

In what the Wall Street Journal is calling “the first major project he has shaped from its early stages,” the developers of the 1,700-unit waterfront complex are proposing to set aside only 17-20% of the total units to below-market rents, which is causing much uproar with the de Blasio Administration and affordable housing advocates who are calling on 50% of the units to be below-market.

A de Blasio aide was quoted saying the administration is still identifying all of its tools to properly execute the housing plan. It is evident that Mayor de Blasio still has no general plan for his affordable housing proposal and that each project, such as the Astoria Cove, will have to be negotiated individually in order to achieve a certain amount of affordable units in each development. Going forward, it will be interesting to see how these large developmental projects will be handled in order to achieve the Mayor’s goal.

 

Leave a Reply