Profile of Rent-Stabilized Units and Tenants in New York City
In 2011, rent stabilized units comprised nearly one million units of housing in New York City--roughly 45 percent the city's rental housing stock. This Fact Brief details the socioeconomic and demographic characteristics of the tenants who live in NYC's stabilized housing. It is an update to a 2012 Furman Center brief, Rent Stabilization in New York City. It has been slightly expanded and re-released to inform the ongoing discussions about rent stabilization in New York City in advance of the June 23, 2014 Rent Guidelines Board vote to set the allowable increase for 2015 lease renewals.
NYU Furman Center. June 2014.
Unlocking the Right to Build: Designing a More Flexible System for Transferring Development Rights
A new report by the NYU Furman Center details the untapped potential for NYC’s transferable air rights program, a critical tool for high-density housing development in New York City. Using case study examples, the report outlines limitations to the city’s current TDR policies and suggests a policy approach that could unlock millions of square feet of unused air rights to help produce more affordable housing.
Vicki Been, John Infrance, Josiah Madar, Jessica Yager. March 2014.
Do Housing Choice Voucher Holders Live Near Good Schools?
The Housing Choice Voucher program was created, in part, to help low income households reach a broader range of neighborhoods and schools. This study explores whether low income households use the flexibility provided by vouchers to reach neighborhoods with high performing schools. "Do Housing Choice Voucher holders live near good schools?" was written by Keren Mertens Horn, Ingrid Gould Ellen, and Amy Ellen Schwartz and published in the Journal of Housing Economics in March 2014.
Keren Mertens Horn, Ingrid Gould Ellen, and Amy Ellen Schwartz . Journal of Housing Economics . February 2014.
Quarterly Housing Update: 3rd Quarter 2013
Manhattan sales prices reached a new peak for the second consecutive quarter, according to the NYU Furman Center's 2013 Quarterly Housing Update: 3rd Quarter. Brooklyn saw the largest gains in price appreciation over the previous year at 15 percent, while the Bronx, Manhattan, and Queens showed gains over 10 percent. Citywide, new foreclosure filings rose roughly 15 percent since the same quarter last year.
NYU Furman Center. February 2014.
Give Credit Where Credit Is Due: Overhauling the CRA
The Community Reinvestment Act (CRA) is in need of a major overhaul. Since the CRA was enacted in 1977, and since the last major rewrite of the regulations more than 15 years ago, much about the financial services industry has changed. This chapter discusses why the regulatory system needs to be redesigned to allow for more regular and timely updates, allowing more rapid responses to what is working and what is not. By being more amenable to continuous improvement, the CRA should be more open to innovation and experimentation given the greater opportunity for making midterm corrections. This chapter starts with a brief overview of the CRA and its successes. It then outlines some ways to facilitate more regular updating of the CRA regulations, followed by a review of a number of ways to increase the effectiveness of CRA in helping to stabilize and revitalize low-and moderate-income (LMI) communities.
Mark A. Willis. Where Credit Is Due: Bringing Equity to Credit and Housing after the Market Meltdown (University Press of America, Inc. ) . December 2013.
Maintenance and Investments in Small Rental Properties: Findings from New York City and Baltimore
Nearly half of all poor, urban renters in the United States live in rental buildings of fewer than four units, and such buildings make up nearly half our nation’s rental housing stock. Yet small rental properties remain largely overlooked by researchers. We present two reports—from New York City and Baltimore—both providing suggestive evidence, drawn from a variety of sources, about the characteristics of small rental housing. We find that while small buildings offer lower rents and play a crucial role in housing low-income renters, these lower rents are largely explained by neighborhood location. Ownership matters, however. In New York, lower rents are associated with small buildings with resident landlords. Further, we also find better unit conditions in small rental buildings when compared to most larger properties, especially in small buildings with resident landlords. In Baltimore, we find that smaller-scale “mom-and-pop” owners dominate the small rental property market, but that the share of larger-scale owners increases in higher poverty areas of the city. The properties owned by these larger-scale owners receive fewer housing code violations and that these owners appear to invest more frequently in major improvements to their properties.
The Furman Center for Real Estate and Urban Policy, John Hopkins Institute for Policy Studies. November 2013.
High Stakes in the Classroom, High Stakes on the Street: The Effects of Community Violence on Students’ Standardized Test Performance.
This paper examines the effect of exposure to violent crime on students’ standardized test performance among a sample of students in New York City public schools. To identify the effect of exposure to community violence on children’s test scores, we compare students exposed to an incident of violent crime on their own blockface in the week prior to the exam to students exposed in the week after the exam. The results show that such exposure to violent crime reduces performance on English Language Arts assessments, and no effect on Math scores. The effect of exposure to violent crime is most pronounced among African Americans, and reduces the passing rates of black students by approximately 3 percentage points.
Ingrid Gould Ellen, Patrick Sharkey, Amy Ellen Schwartz, Johanna Lacoe. December 2012.. October 2013.
Buying Sky: The Market for Transferable Development Rights in New York City
This policy brief analyzes development right transfers in New York City between 2003 and 2011, looking at the prices paid, number of rights transferred, location of the sending and receiving parcels, and legal mechanisms used, in order to shed light on an important but hard-to-track market. The report, “Buying Sky: The Market for Transferable Development Rights in New York City,” examines 243 arms-length transactions for which complete data is available, and finds wide variation in the price paid per square foot of development rights, even for sales within the same neighborhoods, programs, and time periods. See the press release or read the full report.
Furman Center for Real Estate and Urban Policy. October 2013.
Quarterly Housing Update: 2nd Quarter 2013
Manhattan sales prices have surpassed their pre-recession peak, according to the Furman Center’s New York City 2013 Quarterly Housing Update: 2nd Quarter. But, despite the rise in residential sales prices and volume, foreclosure filings across New York City have continued to grow.
Furman Center for Real Estate and Urban Policy. September 2013.
Shifting the Burden
Some of New York City’s most valuable properties in its highest-cost neighborhoods are significantly and persistently undervalued, according to Shifting the Burden. The report identifies 50 individual co-ops in 46 buildings that were sold in 2012 for more than the New York City Department of Finance’s estimate of the market value of the entire building. This undervaluation has significant consequences for the distribution of tax burdens in New York City.
The Furman Center for Real Estate and Urban Policy. July 2013.
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