Real Estate The Ticker

New York City to receive $300 million for affordable housing

Will help advert oncoming affordability crisis

Almost all of the least affordable cities are located in either New York or California, according to realtor.com.

But now, New Yorkers, or at least those in New York City, will be getting some much-welcome relief.

The state Governor Andrew Cuomo granted New York City $300 million in bonds to build or refurbish low and moderate-income housing, according to an article by Audrey Wachs for The Architects Newspaper.

This increase raised the city’s tax-exempt bond to $771 million, creating the largest increase in 10 years, according to the article.

From the article:

“Homelessness is exploding and affordable housing is all but disappearing,” Cuomo said in a statement. “New York City needs this help from the state which will provide thousands of units of safe, clean, affordable housing and will help alleviate this crisis.”

In another instance of state-city tensions, the state, per federal law, controls bond capacity, and that control has escalated tensions in the perpetual rivalry between Cuomo and Mayor Bill de Blasio.

Officials from the mayor’s office talked about what this new funding will mean for the city, and what the city will use it for in the upcoming year, according to an article by Glenn Blain for New York Daily News.

From the article:

“This funding is critical to keeping our affordable housing engine in high gear,” said de Blasio spokeswoman Melissa Grace. “With so many vital projects lined up — including homes for low-income families and homeless seniors — we are grateful the State is coming forward with this additional $300 million allocation.”

Some are still speculating on what President-elect Donald Trump’s presidency will mean for housing. While some think it will bring a boost to the market, others are worried about what it will do to the affordable housing sector.

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