Publications
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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.
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Why It’s So Hard to Storm-Proof an Apartment Building
If Superstorm Sandy taught us anything, it's that we need housing that can withstand natural disasters. But resiliency efforts often focus on detached, single-family houses and ignore larger multifamily dwellings. There are a huge number of physical, financial, and political obstacles to storm-proof apartment buildings.
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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.
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Race and Neighborhoods in the 21st Century: What Does Segregation Mean Today?
Recent research has argued that racial segregation is no longer a concern in the 21st century. In response, this paper revisits these concerns about racial segregation and neighborhoods to assess their relevance today. This working paper finds that while segregation levels between blacks and whites have certainly declined, they remain quite high; Hispanic and Asian segregation have, meanwhile, remained unchanged. Further, this paper shows that the neighborhood environments of minorities continue to be highly unequal to those enjoyed by whites. Blacks and Hispanics continue to live among more disadvantaged neighbors, to have access to lower performing schools, and to be exposed to more violent crime. Further, these differences are amplified in more segregated metropolitan areas. See the Research Brief: Race and Neighborhoods in the 21st Century.
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NYC Housing 10 Issues Series #6: Transferable Development Rights
In a very dense city with a significant need for affordable housing, unused development rights are an important potential source of additional capacity. Wider transfer of development rights would support the development of affordable housing. Many communities, however, fear the increased density that additional transfers would create. Permitting transfers of unused development rights to more distant locations to spur the development of affordable housing. This brief explores the tradeoffs of a revised transferable development rights policy.
The #NYChousing series, published in 2013 prior to the New York City mayoral election, identified 10 key affordable housing issues that were likely to confront the next mayor of New York City. The series aimed to inform the public about the policy tradeoffs by providing an objective analysis of the pros, cons, and questions related to key housing issues facing New York City. How the incoming New York City mayor would choose address the city's housing challenges in an environment of increasing needs, declining federal support, and a strengthening real estate market would have an enormous effect on the livability, diversity, and character of the city.
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NYC Housing 10 Issues Series #5: Moderate-Income Household Subsidy
Housing is a substantial expense for New Yorkers, and has grown even less affordable in the last decade. As housing affordability becomes more of a strain for moderate- and middle-income households, many worry that those households might choose to leave the city altogether, which could undermine the city’s diversity and vitality. Moderate- and middle-income households are often not served by existing rental subsidies, though they may benefit from such a program. This brief examines the feasibility of a moderate-income housing subsidy.
The #NYChousing series, published in 2013 prior to the New York City mayoral election, identified 10 key affordable housing issues that were likely to confront the next mayor of New York City. The series aimed to inform the public about the policy tradeoffs by providing an objective analysis of the pros, cons, and questions related to key housing issues facing New York City. How the incoming New York City mayor would choose address the city's housing challenges in an environment of increasing needs, declining federal support, and a strengthening real estate market would have an enormous effect on the livability, diversity, and character of the city.
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NYC Housing 10 Issues Series #4: City Pension Funds
In the 2013 NYC mayoral election, some candidates suggested tapping the city pension funds as a way to maintain or increase the funding available to create and preserve affordable housing. The pension funds of New York City have some $137 billion in assets and might appear to be a valuable source of capital. However, the law limits the potential uses of these funds and restricts the mayor’s ability to control their use. This brief outlines the tradeoffs of using city pension funds as a potential source of capital to fund affordable housing efforts, as well as the severe limits on their use and the mayor's control of that money.
The #NYChousing series, published in 2013 prior to the New York City mayoral election, identified 10 key affordable housing issues that were likely to confront the next mayor of New York City. The series aimed to inform the public about the policy tradeoffs by providing an objective analysis of the pros, cons, and questions related to key housing issues facing New York City. How the incoming New York City mayor would choose address the city's housing challenges in an environment of increasing needs, declining federal support, and a strengthening real estate market would have an enormous effect on the livability, diversity, and character of the city.
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NYC Housing 10 Issues Series #3: Mandatory Inclusionary Zoning
In the 2013 NYC mayoral election, several candidates proposed implementing mandatory inclusionary zoning policy to increase the development or preservation of more affordable housing units. Such a policy may have significant impacts on the production of affordable housing as well as the residential housing market across New York City. This brief outlines the tradeoffs of a mandatory inclusionary zoning policy in New York City.
The #NYChousing series, published in 2013 prior to the New York City mayoral election, identified 10 key affordable housing issues that were likely to confront the next mayor of New York City. The series aimed to inform the public about the policy tradeoffs by providing an objective analysis of the pros, cons, and questions related to key housing issues facing New York City. How the incoming New York City mayor would choose address the city's housing challenges in an environment of increasing needs, declining federal support, and a strengthening real estate market would have an enormous effect on the livability, diversity, and character of the city.
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NYC Housing 10 Issues Series #2: Permanent Affordability
City, state, and federal governments help address the shortage of affordable housing by subsidizing the development, rehabilitation, and operation of affordable units. A permanent affordability policy for government-financed programs in New York City would potentially have significant effects on tenants, the location of affordable housing, and on the amount and type of affordable housing that is developed in the future. This brief discusses the policy implications if the next mayor were to require developers to permanently maintain the affordability of units developed with public subsidies.
The #NYChousing series, published in 2013 prior to the New York City mayoral election, identified 10 key affordable housing issues that were likely to confront the next mayor of New York City. The series aimed to inform the public about the policy tradeoffs by providing an objective analysis of the pros, cons, and questions related to key housing issues facing New York City. How the incoming New York City mayor would choose address the city's housing challenges in an environment of increasing needs, declining federal support, and a strengthening real estate market would have an enormous effect on the livability, diversity, and character of the city.
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NYC Housing 10 Issues Series #10: Affordable Housing Preservation
In the 2013 NYC mayoral election, over 45,000 existing units of affordable housing were set expire from their current affordability restrictions and would require new subsidies during the newly elected mayor’s first term. Resources for preserving those units likely will be quite constrained. The incoming administration accordingly would have to make hard choices between funding the construction and preservation of affordable units. This brief outlines the options for preserving affordable housing in New York City.
The #NYChousing series, published in 2013 prior to the New York City mayoral election, identified 10 key affordable housing issues that were likely to confront the next mayor of New York City. The series aimed to inform the public about the policy tradeoffs by providing an objective analysis of the pros, cons, and questions related to key housing issues facing New York City. How the incoming New York City mayor would choose address the city's housing challenges in an environment of increasing needs, declining federal support, and a strengthening real estate market would have an enormous effect on the livability, diversity, and character of the city.
