Publications
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Challenges and Opportunities for Hotel-to-Housing Conversions in New York City
As the country continues to grapple with the COVID-19 crisis and its aftermath, policymakers in New York City and Albany have debated whether and how to support the conversion of hotels into housing—and especially affordable housing—as part of a solution to the city’s ongoing housing crisis. To better understand what opportunities for hotel conversion exist in New York City, this paper examines the legal regime governing hotel conversions to identify the most important regulatory barriers to such adaptive uses.
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COVID-19 Emergency Rental Assistance: Analysis of a National Survey of Programs
The report examines program decisions against outcome metrics, such as a ratio of actual number of applicants to expected number of applicants and funds obligated as a share of total program funds. A survey launched in August 2020, and ran through October 2020, collecting information from program administrators, many of whom provided follow-up responses to requests for outcome data in December 2020 and January 2021.
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Through the Roof: What Communities Can Do About the High Cost of Rental Housing in America
Housing affordability continues to be a major concern for residents across the country. In this report, the authors look at what local governments can do to mitigate rising costs of rental housing in the U.S. The report reviews the root causes of high rent burdens and the consequences, including the impact of housing choice vouchers and modest increases in income. It also discusses why housing costs rise, looking more closely at housing markets and the factors that contribute to rising rent burdens. The report then reviews government policy responses at the local, state, and federal level before laying out a framework that municipalities can use to help provide citizens affordable housing options. It serves as a helpful tool for local officials considering new housing strategies or those interesting in improving existing policies.
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A Renter Safety Net: A Call for Federal Emergency Rental Assistance
For decades, escalating housing costs have outpaced income growth for middle- and lower-income earners. As a result, millions of American households struggle to accumulate a savings buffer with the little income they have leftover after paying rent, and are therefore left vulnerable to evictions or forced moves when unexpected financial shocks occur. In this chapter, authors Ingrid Gould Ellen, Paulette Goddard Professor of Urban Policy and Planning at the NYU Wagner Graduate School of Public Service and Faculty Director of the NYU Furman Center, Amy Ganz, Deputy Director of the Economic Strategy Group, and Katherine O’Regan, Professor of Public Policy and Planning at NYU Wagner and Faculty Director of the NYU Furman Center, document the costly externalities that such housing instability poses and propose the creation of a Federal Emergency Rental Assistance Program to provide one-time, short-term financial help to low-income renters who face unexpected financial shocks.
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Updating CRA Geography: It’s Not Just About Assessment Areas
In his recent paper, “Updating CRA Geography: It’s Not Just About Assessment Areas,” NYU Furman Center Senior Policy Fellow Mark A. Willis offers his suggestions on how to effectively modernize one crucial regulation authorized under the Community Reinvestment Act (CRA). Published by the Penn Institute for Urban Research, the paper proposes a method to evaluate the CRA performance of large retail internet banks.
The core of the proposal involves separately weighing a bank’s CRA activity both within its AA from its CRA activities beyond the AA, with the latter evaluation consisting of tests for both the bank’s retail products and community development activities to ensure they are meeting the needs of Low and Moderate Income Households. By combining these evaluations together, the paper asserts that banks will be more confident in their ability to get CRA credit for conducting CRA activities in areas of high need that may be outside their AA.
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Supply Skepticism: Housing Supply and Affordability
Growing numbers of affordable housing advocates and community members are questioning the premise that increasing the supply of market-rate housing will result in housing that is more affordable. This article is meant to bridge the divide, addressing each of the key arguments supply skeptics make and reviewing what research has shown about housing supply and its effect on affordability. It ultimately concludes, from both theory and empirical evidence, that adding new homes moderates price increases and therefore makes housing more affordable to low- and moderate-income families. It also emphasizes that new market-rate housing is necessary but not sufficient, and that government intervention is critical to ensure that supply is added at prices affordable to a range of incomes.
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Policy Brief: 21st Century SROs: Can Small Housing Units Help Meet the Need for Affordable Housing in New York City?
This brief explores the potential demand for smaller, cheaper units to help address New York City’s affordable housing need. It considers the feasibility of self-contained micro units as well as efficiency units with shared kitchens and/or baths. The report considers the economics of building and operating small units and models their financial feasibility. It concludes by analyzing the main barriers to the creation of small units that exist in New York City and suggesting possible reforms that New York City can make to address these barriers.
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21st Century SROs: Can Small Housing Units Help Meet the Need for Affordable Housing in New York City?
Single-room occupancy housing (SROs) used to be a readily available affordable housing type in New York City. During the second half of the 20th century, many SROs came to serve as housing of last resort, and mounting criticism of SROs led to laws banning their construction and discouraging their operation. Today, New York City faces a significant housing affordability crisis. In this context, it is worth considering whether the city needs an updated housing model that helps meet the need SROs filled in the last century. Here we analyze the benefits, risks, and challenges of reintroducing small housing units (self-contained micro units and efficiency units with shared facilities) in order to shed light on whether and how a new small-unit model could help meet the demand for affordable housing in the city today.
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How Do Small Area FMRs Affect the Location and Number of Units Affordable to Voucher Holders?
This brief explores how the location and number of homes affordable to voucher holders will change in the 24 metro areas mandated by HUD to adopt Small Area Fair Market Rents (“Small Area FMRs”). The change to Small Area FMR—a more localized rent measures as a determinant of subsidy standards—is designed to allow housing choice voucher holders to rent homes in a wider variety of areas. The analysis finds that switching to Small Area FMRs would open up options for voucher holders in high-rent ZIP Codes while reducing them in low-rent ZIP Codes. In addition, the aggregate number of units affordable to voucher holders in these 24 metros would increase with the use of Small Area FMRs.
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The Effects of the Low-Income Housing Tax Credit (LIHTC)
The Low-Income Housing Tax Credit (LIHTC) Program is the largest federal subsidy for the development and preservation of affordable housing. Since it was established by the Tax Reform Act of 1986, LIHTC has financed the development and preservation of more than 2.1 million units in over 28,000 developments across the country. As federal tax reform looms, however, there is growing uncertainty surrounding the future of LIHTC. In contemplation of debate about these possible changes, this brief explores what we know about who LIHTC serves and what research has shown about the impact of the program.
