NYC Builds it Back | NYCHA’s Backlog | The Gentrification of Rio

Many NYC homes, like this one in Breezy Point, Queens, remain damaged by Superstorm Sandy (Photo:Buck Ennis/Crain’s NY)

1. New private fund will buy and renovate affordable housing without government help. “Affordable-housing projects around the city have traditionally relied on a complex brew of government aid, including tax credits and loans. But now a major developer is betting on achieving lower rents without relying on that decades-old model.A venture of L+M Development Partners and Citi Community Capital have created a new $150 million fund for buying and renovating buildings for low- or middle-income residents without traditional government subsidies.” [Wall Street Journal – 06/03/13]
2. City details ‘NYC Build It Back’ program to help rebuild post-Sandy . “Since Superstorm Sandy hit, Mayor Michael Bloomberg has stressed the city would rebuild on, rather than retreat from its shores, and true to that pledge that is even the name the administration has adopted for its biggest recovery program yet, NYC Build It Back..” [Crain’s New York – 06/03/13]
3. NYC rent boards limiting public hearings on increases. “Even as many New Yorkers face substantial rent increases, they will have one less chance to complain about it.Citing poor attendance in the last few years, the Rent Guidelines Board, a nine-member board appointed by the mayor, has eliminated a public hearing this month that has traditionally been held in the Bronx, Brooklyn, or Queens since 2005.” [New York Times – 06/05/13]
4. Tracking illegal single-room apartments amidst micro-unit craze. “By some estimates, there are more than 100,000 illegal single room occupancy units in New York City. Known as SROs, these minuscule apartments are, for many low-income residents, the only affordable housing option in a city with ever rising rents and limited space. Meanwhile, Mayor Michael Bloomberg is touting the potential benefits of officially sanctioned micro-unit apartments, which would create tiny housing for more affluent renters.” [Next City – 06/03/13]
5. Staten Island developer hopes to bring Williamsburg to St. George. “A Staten Island developer hopes to turn a former car dealership warehouse into the city’s next Williamsburg. Gary Angiuli, CEO of The Angiuli Group, plans to lease out space in the large warehouse space at 215 Bay St., which he calls “Back of the Bay,” to trendy restaurants, shops and more.” [DNA Info – 06/05/13]
6. Fixing a neighborhood by strengthening its social ties. “The northwest side of Milwaukee isn’t a place where you expect to find a peach orchard and rooftop solar panels. In the neighborhood known as Lindsay Heights, it’s more common to see foreclosed and abandoned buildings, barbed-wire fences, and bored adults hanging out on front stoops on a weekday afternoon.” [City Lab – 06/05/13]
7. NYCHA on target to clear repair backlog by year’s end. “The New York City Housing Authority is now nearing the halfway point in meeting its goal of clearing the backlog of repairs for its properties, which once stood at more than 420,000. As of June 1, that figure is down 178,000 since work began on addressing years-worth of repairs in January, the agency announced Monday.” [Crain’s New York – 06/04/13]
8. Least affordable housing markets are getting worse. “The least affordable housing markets in the U.S. are becoming even less so.That’s according to the latest data from Trulia, which found that prices in May climbed 16.3% on a year-over-year basis in the 10 least affordable markets, compared with the 9.5% increase shown in Trulia’s national data.” [Wall Street Journal – 06/06/13]
9. Monthlong slowdown continues for Wells, Citi foreclosure sales. “A month after nearly halting foreclosure sales in reaction to tighter federal regulation, Wells Fargo & Co. and Citigroup Inc. are still selling seized properties at a sharply reduced pace, according to a research firm that tracks Western foreclosure filings.” [LA Times – 06/06/13]
10. Once unsafe, Rio shanty towns face rapid gentrification. “A new gastronomic guide to Rio de Janeiro’s shantytowns - for a cool $35 - has just been published. A new boutique hotel perched on top of one of Rio’s previously most dangerous favelas is about to open. And yes, there is a jazz club and yoga, too.” [NPR – 06/06/13]