Search
 

Where's the Affordable Housing?

NEW YORK CITY-A duo of reports claim too few units are being built and they suggest that developers face tougher requirements when building multifamily properties.

By Rayna Katz | Updated on August 16, 2013

NEW YORK CITY-Two new reports on affordable housing creation around the city call developers on the carpet for not creating enough units. The research recommends ending the voluntary nature of the city’s inclusionary zoning program and making it guaranteed, s well as expanding the program citywide. The information was put forth Friday by City Council member Brad Lander and the Association for Neighborhood and Housing Development.

Inclusionary zoning has produced the construction or preservation of over 2,769 affordable housing units since New York City’s IZ program was created in 2005, the data reveals, but just two neighborhoods have reaped the majority of those benefits.  While many other US cities’ IZ programs require 10, 15 or 20% of new multifamily housing to be affordable, New York City’s voluntary, incentive-based inclusionary zoning program has only generated 2% of all multifamily units built since 2005.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.