NYC Council OKs controversial affordable-housing rule

The City Council approved a controversial new law last week that would require the city’s Department of Housing Preservation and Development (HPD), to publicly disclose a huge raft of information on affordable-housing projects across the city. Under the new law, HPD will have to report detailed information on subsidies granted to developers for every project, on how the agency selects developers and construction-related complaints. The agency will also have to provide data on wages earned by every employee on affordable-housing projects. The wage collection and reporting portion of the bill has sparked opposition from the affordable housing industry as well as the agency itself. Opponents argue that disclosing such information provides no benefit to the public, but instead will place an extra financial burden on affordable-housing developers, especially small ones, as well as on HPD.

Crain’s New York Business

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