'Next Generation NYCHA' plans to combat debt
NYCHA says it is over $90 million in debt.
Mayor Bill de Blasio has a new plan to combat the debt called "Next Generation NYCHA." It includes higher resident parking fees, increasing the rate of rent collection and leasing land to build residential apartments.
"If we don't take a fundamentally different path, there is the looming danger which has happened to other housing authorities around the country of going into federal receivership. That is not something that we will allow to happen here," said Mayor de Blasio.
The mayor says that he hopes these changes will dig the agency out of debt within the next 10 years.