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Key Coalition Backs NYCHA Infill Plan | Rents Rise Fastest for Non-Luxury Apartments
The Alliance to Preserve Public Housing offered qualified support for the proposal to build affordable housing at existing public housing developments in a letter to NYCHA this week. Developers’ focus on high end residencies is resulting in an affordable unit shortage, causing rents to rise faster for midtier apartments than for luxury ones.
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NYC City Council Seeks Stronger Protection for Tenants | Reimagining NYCHA’s Towers in the Park
As the de Blasio administration prepares to rezone large swaths of the five boroughs to expand affordable housing, the City Council is poised to pass three tenant-protection bills which will provide support for tenants when landlords and speculators try to force them out of their homes. As NYC reintroduces the prospect of infill on public housing property, architects and developers reimagine NYCHA’s “towers in the park.”
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Families Stuck in Poor Neighborhoods Despite Vouchers | Manhattan’s New Residential Sales Record
Minority families receiving federal housing subsidies are more likely to live in poor areas than white families. The average price for a Manhattan residence is reported to have hit $1.7 million, the highest ever.
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Mayor Shifts Housing Subsidy Stance | New York City Revisits Private Development on NYCHA Land
In a change from last year, the de Blasio administration will let some residential developers double or even triple-dip into subsidy pools by using the same group of affordable apartments to qualify for a variety of programs—a practice it initially pledged to eliminate. The de Blasio administration is revisiting an idea from the final months of the Bloomberg years: facilitating private development on property owned by the New York City Housing Authority (NYCHA).
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Three Places in NYC Where Rent Has Decreased | De Blasio Unveils Affordable Housing Plan
In a report released this summer, the anti-poverty research group Community Service Society noted that after adjusting for the period’s 32% rise in inflation, rents reported by recent movers in Bay Ridge, Canarsie, and South Shore of Staten Island actually fell between 2002 and 2014. On Friday Mayor de Blasio released details of a proposal for a program of “mandatory inclusionary zoning,” saying it would entail “the strongest affordable-housing requirements in the nation.”
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NYC Construction Goes Through the Roof | Rent-to-Own Homes Make a Comeback
New York City is entering what could be the biggest building boom in a generation as work gets under way on hundreds of residential projects in neighborhoods across the city. Rent-to-own programs faded when easy lending made it possible for almost anyone to buy a home with no money down, but with lenders now setting a higher bar, they are making a comeback.
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More Development Planned for LES and Queens | New Yorkers Make Space in 1-Bedroom Apartments
Construction begins on a $1 billion redevelopment project that will reshape the Lower East Side. Two large-scale developments are being planned for more than seven areas of the Queens waterfront. As NYC’s housing costs continue to rise, plus-size one-bedrooms are increasingly sought-after as less expensive alternatives to existing two-bedrooms.
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New Disclosure Rules for NYC Luxury Real Estate Sales | NYC’s Struggling Low-Income Co-ops
Seeking to increase transparency in the luxury real estate market, the de Blasio administration has imposed new disclosure requirements on shell companies buying or selling property in New York City. Nearly a third of New York City’s limited-income co-ops are struggling to pay tax bills, according to data provided by the city’s Independent Budget Office.
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NYC Tenant Program Counters Harassment by Landlords | City Beefs Up Unit Probing Airbnb Abuses
De Blasio launches a program to protect tenants from landlord harassment in areas crucial to his plan to preserve 120,000 affordable apartments and to create 80,000 within a decade. NYC doubles its budget of investigators who regulate illegal home conversions.
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Data Updates
New York City’s Building Permits Spike Ahead of 421-a Deadline
In the second quarter of 2015, New York City authorized 33,910 housing units for new construction—over five times the number of residential units authorized the previous quarter.