Comptroller proposes plan for 'Universal Affordable Housing' in NYC

Kimberly Dole
January 29, 2020 - 2:08 pm
Scott Stringer

NEW YORK (1010 WINS) -- New York City Comptroller Scott Stringer is attempting to tackle the affordable housing crisis with a citywide strategy that he proposed on Wednesday. 

Stringer announced a five-borough housing strategy called ‘Housing We Need’ .

"Today, our message is clear. This is your city, and your city cannot be bought," Stringer tweeted. "This is the time for action, rooted in justice for all."

The ‘Universal Affordable Housing’ would requirement for all new as-of-right development in the city with ten or more units, in every neighborhood, would legally be required to set aside a baseline of 25 percent of its units for permanent affordable housing.

The five-borough housing strategy would end the $1.6 billion a year 421-a tax subsidy to developers and would urge focusing all city housing capital investment on affordable housing for extremely and very low-income households in attempts to pull New Yorkers back from brink of homelessness.

The proposal also outlines an agenda to expand moderate and middle-income homeownership across the five boroughs and require the city to leverage all its assets.

Stringer proposed launching a non-profit NYC Land Bank and transforming the hundreds of vacant lots owned by the city into permanent affordable housing units.

"There are also deep, structural inequities that we as a city must reckon with. Black and Hispanic borrowers receive less than 16% of home loans. This, in a city where, combined, those two groups make up *more than half the population," Stringer tweeted. 

The strategy follows six years of analyses, audits and reports on city initiatives that Stringer believes are inneffective and are on unrealizable paths to homeownership.

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