NEW YORK CITY—A major government organization is pushing for the affordable/market rate housing ratio to change from 80/20 to 50/50.
In anticipation of Mayor Bill de Blasio later today unveiling his plan to create and preserve 200,000 units of affordable housing, nearly half of the City Council has signed off on a letter sent yesterday to Hizzoner saying that the old measure leaves too many New Yorkers in need out in the cold, according to the New York Observer.
Says the letter—which had 23 signatures out of a possible 51 members—“As you finalize your affordable housing plan for May 1, we urge you to prioritize the needs of low-income and moderate-income households who are struggling to pay their rent every month. Replacing the ineffective 80/20 model with one that maintains a higher percentage of affordable units, like the 50/50 model, would create and sustain a much greater quantity of real affordable housing for low-income and moderate-income households.
The message to the Mayor continues, “It's a smart, progressive reform that will give city taxpayers a better return on their investment in affordable housing while still enabling developers to reap profits and trade unions to access good jobs. The city should use up-zoning, tax abatements, subsidies, and other tools to strive for real affordability in every new housing development. Shifting from 80/20 to a model that maximizes the creation of affordable housing is another area where you can show tremendous leadership, achieve lasting results, and help make our city a fairer and more equitable place.”
City Council's press office did not return calls seeking comment or further information. Watch for coverage on GlobeSt.com later today of the Mayor's debut of his plan.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
