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The latest news and analysis from the NYU Furman Center.
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Research & Policy
The Use of Housing Choice Vouchers in New York City
More than 5 million low-income people across the country use Section 8 Housing Choice Vouchers to help subsidize their housing costs. In our latest study, the Furman Center analyzed rent burdens and the rent paid by typical voucher holders to understand the role vouchers play in making housing affordable in New York City.
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Research & Policy
Closing Cost Reform: Long Overdue and Worth the Fight (Part 1)
President Biden highlighted housing affordability in his recent State of the Union speech, addressing high closing costs as a significant barrier, especially for first-time homebuyers. Part 1, which focuses on buyer-paid closing costs, particularly title insurance, concludes that market distortions contribute to high closing costs, impacting housing affordability. This emphasizes the need to examine and potentially reform closing costs.
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Institutional Owned Land and New York City’s Housing Crisis: The Extent of Faith-Based Owned Land Ownership
As New York City grapples with its most severe housing shortage in over half a century, state and local policymakers are actively seeking a range of ways to promote housing development using institutionally-owned land, including Faith-Based Organizations (FBOs). To gauge the opportunity’s scale, the NYU Furman Center analyzed the zoning of FBO-owned land in New York City, detailing its scope and geographic spread.
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Five Principles for a New 421-a Property Tax Exemption
A property tax exemption in New York City is necessary to make rental housing development financially feasible across the city’s varied markets, according to a new policy brief by the NYU Furman Center. Without an exemption, the costs associated with development, which are further exacerbated by high property taxes, would significantly hinder new rental development, especially of mixed-income developments that can provide new housing options for lower-income families.
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Research & Policy
The GSE Public-Private Hybrid Model Flunks Again: This Time It’s the Federal Home Loan Bank System (Part 2)
In this analysis, Part 2 of a series, Senior Visiting Fellow Donald H. Layton lays out the shortcomings of the Federal Home Loan Bank System, explaining how it has deviated from its original mission and how its structure inherently favors profit over purpose. He also explores the FHFA’s efforts to reform the FHLB System and the challenges ahead, proposing solutions to ensure a lasting balance between mission and profit.