More specifically, Weisbrod asserted, committing those resources is already paying dividends. “In Fiscal Year '15, which ended in June, there were more than 20,000 units created, which is the biggest year for affordable housing in 30 years. That was driven largely by $618 million in city capital housing subsidies. What really gratifies us that of the 20,000, 3800 were produced by the voluntary inclusionary housing plan and 3200 of those didn't receive a subsidy, which means they were funded by a cross subsidy from the private sector.

On tenant protection, he mentioned the recent news of over 200 landlord not providing tenants with rent stabilization leases and cautioned, “We can expect to see more of that type of enforcement, with the goal of keeping more tenants in place when possible.”

On expanding capacity, Weisbrod stated, “We're working with communities intensely to ensure that we're not just creating more density but better neighborhoods. To do that, we've created a $1 billion development fund in the 10-year capital program focused specifically on making investments in the neighborhoods where we're increasing density [which just for starters include East New York in Brooklyn; Long Island City, and Flushing West in Queens; Jerome Avenue in the Bronx; Inwood, Sherman Creek and East Harlem in Manhattan and the Bay Street corridor in Staten Island]. The city has never done anything like this, it creates a guarantee.”

When it comes to the private sector—meaning 421a—Weisbrod was emphatic. “Now no developer will be able to get a tax abatement unless they provide affordable housing. We're also raising the set aside. In the past, 20% affordable housing in a multifamily development was all that was required, even in the exclusionary area. We've changed to at least 25% for the lower income market, 30% for a somewhat higher income affordable market or, outside of the area South of 96th street, the set aside should be from 30% up to 130% of the area median income, which is about $101,000 for a family of three. In those areas, no other public subsidy will be available. This is really significantly more aggressive than the previous 421a.”

In addition, he said, “we're going to introduce a mandatory inclusionary zoning proposal, which we expect to introduce into the formal ULURP process next month. The goals of the program will be to ensure vibrant, diverse neighborhoods and to serve a range of incomes. We want to make this applicable wherever the city rezones or permits significantly more housing.”

However, focusing on the private sector, he added, “In very strong markets and even strong markets, a 20 to 30% set aside—without any direct subsidiary, except for tax abatements—can be supported while in moderate and weaker markets, even with rezoning there is a need for subsidy. We know developers have to make a reasonable return on their investments.”