Housing Starts: Social Inequity in Successful Cities I Responses to OneNYC I Greening Bronx Housing

April 28th 2015

Construction at Hudson Yards on 34th St. (Photo Credit: Reuters/Brendan McDermind)

  1. Imagining Affordable Housing in New York New York City Mayor Bill de Blasio plans to build or preserve 200,000 affordable housing units over the next decade. And not a moment too soon. An estimated half of New York renters lack affordable housing, meaning they spend more than a third of their salaries on rent. That may be as many as 1 million people. In unveiling his OneNYC plan this week, de Blasio said he’ll attempt to lift 800,000 New Yorkers out of poverty. His office called it one of the largest urban poverty initiatives in U.S. history, and affordable housing is likely to be one of the major proposals. [Marketplace – 04/23/15]
  2. When It Comes to Housing Affordability, Are Cities Like Seattle Doomed? The challenge of marbling affordability into the great urban renaissance of the last quarter century is not brand new, of course. But the evidence of social inequity in successful cities seems to have lately built to a fever pitch. Affordability and equity were among the most talked-about subjects at this year’s APA conference, a part of virtually every discussion, from the future of struggling post-industrial cities like Detroit to vulnerable populations subject to the worst impacts of climate change. [Atlantic CityLab – 04/22/15]
  3. High Prices, Limited Inventory Dominate Spring Real Estate Market The housing market this spring and summer will be similar to that of 2014, real estate experts said—meaning high prices and limited inventory. That’s especially the case in Manhattan, analysts said. “Heading into this spring, we’re seeing already record-high prices, at least in Manhattan,” said Alan Lightfeldt, a data scientist at the listings website StreetEasy. “Similar to last spring, prices are continuing to rise.” [AM New York – 04/22/15]
  4. What a Chinese Developer’s Default Means for New York On Monday, Shenzhen-based megadeveloper Kaisa defaulted, sending shockwaves through the worlds of real estate and finance. As the Chinese property market continues to soften, observers are starting to wonder who will be next. Kaisa’s default carries significance for New York’s real estate industry. Chinese investors spent $3 billion on New York properties in 2014, second only to Canadian buyers. While none of the major Chinese investors in New York appear to be in immediate trouble, some are highly leveraged, and could be vulnerable to a further slump in the Chinese real estate market. [The Real Deal – 04/23/15]
  5. Applause, Skepticism Greet NYC Mayor’s Anti-Poverty Plan About 100,000 people are expected to be lifted above the poverty line thanks to a series of administration efforts enacted since de Blasio took office in January 2014, according to City Hall’s calculation models. Among those plans: new living wage legislation, redesigned job training programs aimed at preparing workers for higher-paying jobs, and an expanded free pre-K program that is estimated to save parents $10,000 a year in child care costs. The city also already announced a massive affordable housing program — de Blasio pledged to create or preserve 200,000 units by 2024 — that would create construction jobs and tamp down skyrocketing housing costs. [ABC News – 04/23/15]
  6. Program Aims to Reduce Energy Costs and Keep Rents Affordable in Bronx The Bronx is dotted with aging apartment buildings that have weathered the changing economic and social landscape of the borough and today offer some of the most affordable rents in New York City. But unlike newer housing developments, which routinely include green technologies, many of these buildings do not have the resources to undertake major repairs and renovations to make them more energy efficient and to improve living conditions for tenants. So the Bronx borough president, Ruben Diaz Jr., has teamed up with city housing officials to create a program that will help those buildings pay the upfront costs for energy improvements, such as replacing an old boiler, insulating windows or installing solar panels on the roof. [New York Times – 04/26/15]
  7. U.S. New Home Sales Tumble After Months of Strong Gains New U.S. single-family home sales in March recorded their biggest drop in more than 1-1/2 years, snapping three straight months of hefty gains, in a temporary setback for the housing market. The Commerce Department said on Thursday sales declined 11.4 percent to a seasonally adjusted annual rate of 481,000 units. That was the biggest percent drop since July 2013. February’s sales pace was revised up to 543,000 units, the highest level since February 2008, from the previously reported 539,000 units. [Reuters – 04/23/15]
  8. Corruption Probes Slowing 421a, Rent Control Talks: Cuomo Federal corruption probes into the practices of state lawmakers are making it difficult for the Legislature to resolve contentious issues — particularly the extension of rent control for New York City, Gov. Andrew Cuomo said. “If it was a different time in Albany, frankly, and Albany was [in] a little bit more stable situation, I would normally take these negotiations to Albany and try to work it out among the parties,” Cuomo told business leaders at an Association for a Better New York breakfast. “Albany has a lot going on right now, let’s say.” [The Real Deal – 04/26/15]
  9. Tenant Groups Push Assembly to Back Rent-Regs Bill In an email to Tenants PAC members on Thursday, PAC treasurer Michael McKee said it was “disappointing” that only 41 of the Assembly’s 103 Democrats had signed on as co-sponsors or multi-sponsors of bill 1865-A, sponsored by Linda Rosenthal, which targets high-rent vacancy decontrol. Advocates are gearing up for a major battle over housing affordability that will play out in Albany and in the city over the next two months. Rent regulations expire June 15, and three key tax breaks—421-a, J51 and the coop and condo tax abatement—also come up for renewal that month. [City Limits – 04/24/15]
  10. 1,700-Apartment Portfolio in New York City to Be Sold A portfolio of about 1,700 apartments that was the subject of one of the largest foreclosure proceedings in New York City in recent years is being sold. The owners of the so-called Three Borough Pool—the properties are in Brooklyn, northern Manhattan and the Bronx—have sold seven of the portfolio’s buildings for about $58 million to Black Spruce Management, public records show. The seven buildings, which are in the Bronx, have more than 500 apartments. [Wall Street Journal – 04/24/15]
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