NYC just 15% short of affordable housing goal

The city is roughly 25,000 units shy of meeting its ambitious goal of financing the creation or preservation of 165,000 affordable housing units by the end of the next fiscal year, June 30, 2014. The milestone for Mayor Michael Bloomberg’s New Housing Marketplace Plan was announced Thursday morning as Mr. Bloomberg and other city officials broke ground for a 124-unit affordable housing development in the Sugar Hill section of west Harlem. Since the inception of the 10-year plan, the city has financed the construction of 45,759 new apartments. The balance of the 140,920 total units financed to-date in the five boroughs was comprised of units that were preserved for affordability. To meet the housing goal, in 2008 the city shifted its focus to preserving units rather than building new ones because construction financing dried up during the economic collapse. A bulk of the activity has come in Manhattan, where 47,553 units were created or preserved for affordable housing. The second most were in the Bronx, where there were 43,721 units.

- Crain’s New York Business

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