This report 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.
This policy brief examines LIHTC tenant income to assess the extent to which the program’s target demographic is served. The brief finds that forty percent of LIHTC units house extremely low-income (ELI) households. In addition, the report finds that of ELI households living in LIHTC units, more than 70 percent receive some form of rental assistance, which suggests that additional subsidies are crucial to the functionality of the program. In terms of rent burden, LIHTC tenants, particularly those without rental assistance, have higher rent burdens than HUD tenants. Since it was created in 1986, the LIHTC program has created over 2.2 million units of affordable housing and today it is the largest affordable housing program in the U.S. This study is the first rigorous, national analysis of the incomes of LIHTC tenants.