Stringer unveils new plan to boost affordable housing

Posted: Updated:

A new plan announced by New York City Comptroller Scott Stringer on Wednesday is designed to increase access to affordable housing for thousands of residents.

Stringer says the plan will help the more than 400,000 New Yorkers ignored by the current policies.

There are four key parts to Stringer's citywide strategy. They are all designed to entirely overhaul the affordable housing system.

They key parts are a "universal affordable housing" mandate that would require developers to dedicate 25 percent of all new construction with 10 or more units to permanent, low-income affordable housing.

The plan would also increase affordability for New Yorkers with the lowest incomes with the creation of a nonprofit to build housing on land the city already owns and can manage. It would also end certain tax breaks for developers that Stringer says are not resulting in truly affordable housing.

The plan would also make home ownerships more achievable for all New Yorkers, according to Stringer, by making it easier for potential buyers to get loans and tax breaks.

The proposal is in response to city policies that Stringer says cost the city billions of dollars each year without curbing homelessness. Instead allowing for rezoning, Stringer says the plan would lay the ground work for gentrification.

“One57, a residential skyscraper, generated 66 units of affordable housing in the Bronx at a cost of $905,000 per apartment. If the city had provided this money as a cash grant to an affordable housing developer, community-based developer, we could've built 358 affordable apartments for $185,000 per unit,” Stringer explains.

Stringer says the plan, which he's calling "Housing We Need," comes after six years of studies and audits performed by the comptroller's office.

News 12 reached out to the mayor's office for comment but has not heard back.

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