{"id":451432,"date":"2022-05-23T02:01:38","date_gmt":"2022-05-22T23:01:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ny-affordable-housing-program-set-to-lapse-as-big-apple-rents-soar\/"},"modified":"2022-05-23T02:01:38","modified_gmt":"2022-05-22T23:01:38","slug":"ny-affordable-housing-program-set-to-lapse-as-big-apple-rents-soar","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ny-affordable-housing-program-set-to-lapse-as-big-apple-rents-soar\/","title":{"rendered":"#NY affordable housing program set to lapse as Big Apple rents soar"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bba68ecb51\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bba68ecb51\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ny-affordable-housing-program-set-to-lapse-as-big-apple-rents-soar\/#%E2%80%9CNY_affordable_housing_program_set_to_lapse_as_Big_Apple_rents_soar%E2%80%9D\" >&#8220;NY affordable housing program set to lapse as Big Apple rents soar&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CNY_affordable_housing_program_set_to_lapse_as_Big_Apple_rents_soar%E2%80%9D\"><\/span>&#8220;NY affordable housing program set to lapse as Big Apple rents soar&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Progressives are on the verge of killing one of the Big <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le\u2019s biggest and most controversial affordable housing programs, potentially nixing the construction of thousands of new rent-stabilized apartments as rents soar across the city.<\/p>\n<p>Efforts to extend or overhaul the 421-a program have stalled in Albany amid fierce opposition from lefties and ineffective pushback from City Hall\u2019s dysfunctional statehouse operation, which has failed to reach out to key lawmakers.<\/p>\n<p>\u201cThis is all politics. What\u2019s going on here is the far left wants to trade it for [limiting evictions] and you\u2019ve got people facing primaries who would prefer that nothing happen,\u201d said one veteran Albany operative.<\/p>\n<p>The 421-a program, set to expire in June, provides developers with city property tax abatements worth an estimated $1.8 billion in exchange for agreeing to limit and regulate the rents on a portion of the apartments in the new buildings they erect.<\/p>\n<p>\u201cIn the last decade, about 8,000 affordable units were built using 421 with no subsidy,\u201d said Vicki Been, the city\u2019s former commissioner and deputy mayor of housing who now runs the Furman Center at New York University. \u201cAnd that\u2019s a lot when you think about how hard it is to build new apartments, that\u2019s a really important source.\u201d<\/p>\n<p>All told, 421-a either partially or completely funded 4,030 of the 4,279 newly rent-stabilized apartments in New York City in 2020, figures from the Rent Guidelines Board show.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vicki-been-furman.jpg?w=1024\" alt=\"According to Vicki Been, the city's former commissioner and deputy mayor of housing, about 8,000 affordable housing units have been built with the program in the last decade.\" class=\"wp-image-22369242\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vicki-been-furman.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vicki-been-furman.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/vicki-been-furman.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>According to Vicki Been, the city\u2019s former commissioner and deputy mayor of housing, about 8,000 affordable housing units have been built with the program in the last decade.<\/figcaption><figcaption><span class=\"credit\">Furman Center<\/span><\/figcaption><\/figure>\n<p>Not only that, Been added, research set to be published by the Furman Center this summer shows new affordable apartments bankrolled by 421-a are built in wealthy areas, where <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n incomes are more than $80,000 annually.<\/p>\n<p>The units built using direct subsidies are placed in poorer areas, where incomes are just $48,000 on average, because officials get better bang for their buck.<\/p>\n<p>\u201cThey are built in neighborhoods that are almost twice the median income of the neighborhoods where other affordable housing is being built,\u201d Been said. \u201cThey\u2019re getting people into the neighborhoods that the subsidized housing can\u2019t afford to build in.\u201d<\/p>\n<p>Mayor Adams sounded resigned when pressed about the program\u2019s fate on Friday.<\/p>\n<p>\u201cMy job is to present a case. They deliberate and they come back,\u201d Hizzoner told reporters. \u201cI think we presented a strong case on why we need to have an extension of 421-a.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/eric-adams-02.jpg?w=1024\" alt=\"Mayor Eric Adams said he presented a strong case for 421-a in Albany and hopes it is extended for a year.\" class=\"wp-image-22369253\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/eric-adams-02.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/eric-adams-02.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/eric-adams-02.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Mayor Eric Adams said he presented a strong case for 421-a in Albany and hopes it is extended for a year.<\/figcaption><figcaption><span class=\"credit\">Paul Martinka<\/span><\/figcaption><\/figure>\n<p>But, he added, \u201cI cannot say that we\u2019re not going to do what we have to do, based on what happens at Albany or the federal government. We need to continue building the city. I\u2019m hoping that they look at a potential extension of 421-a [of] at least a year, but it\u2019s up to them.\u201d<\/p>\n<p>The program\u2019s premise is simple \u2014 create affordable housing via New York City\u2019s broken property tax system, which hits new rentals hard, while providing discounts to homeowners in neighborhoods where property values are soaring.<\/p>\n<p>It gives developers tax breaks in exchange for setting aside newly-built apartments for qualifying lower, middle or upper-middle class incomes. Those units are put in rent stabilization, so future hikes are capped by the Rent Guidelines Board.<\/p>\n<p>But progressives have long had the program in their sights, angered over its very structure and provisions that allow developers to set rents for some of the apartments for households with incomes that exceed the city average by as much as 30%.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Liz-Krueger.jpg?w=1024\" alt=\"\" class=\"wp-image-22369294\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Liz-Krueger.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Liz-Krueger.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/Liz-Krueger.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>State Sen. Liz Krueger claimed the program subsidizes \u201cmarket-rate apartments and luxury apartments.\u201d<\/figcaption><figcaption><span class=\"credit\">AP Photo\/Hans Pennink<\/span><\/figcaption><\/figure>\n<p>That means a family of three making $156,000 annually can qualify for an apartment \u2014 which would potentially cost $3,900 a month for a two-bedroom apartment.<\/p>\n<p>\u201c421-a has long outlived its usefulness and should have been repealed,\u201d said one critic, state Sen. John Liu (D-Queens). <\/p>\n<p>Another Democratic honcho in the upper chamber, state Sen. Liz Kreuger, claimed in a statement the current program \u201cmostly subsidizes market-rate apartments and luxury apartments.\u201d<\/p>\n<p>Gov. Hochul included an overhaul of 421-a in her initial budget proposal that would have capped eligibility at lower levels: A family of three could qualify if they made $108,000 and the rent would be lower too \u2014 $2,700 a month for a two-bedroom.<\/p>\n<p>Adams\u2019 Albany operation did not mount a concerted campaign to back the overhaul as part of the budget passed in April \u2014 or as the session closes. \u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/kathy-hochul-11.jpg?w=1024\" alt=\"Gov. Kathy Hochul had an overhaul of 421-a in her initial budget proposal.\" class=\"wp-image-22369310\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/kathy-hochul-11.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/kathy-hochul-11.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/kathy-hochul-11.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Gov. Kathy Hochul had an overhaul of 421-a in her initial budget proposal.<\/figcaption><figcaption><span class=\"credit\">Photo by DAVID MAXWELL\/EPA-EFE\/Shutterstock <\/span><\/figcaption><\/figure>\n<p>Just two of 16 key Democratic lawmakers reached by The Post \u2014 who either sit on relevant committees or are in leadership \u2014 were contacted by Adams or city lobbyists over the future of the billion-dollar program before Hizzoner\u2019s Albany <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> last week.<\/p>\n<p>\u201cIt\u2019s the least muscular legislative operation I\u2019ve seen in my time by a city mayor,\u201d said one veteran Democratic state senator.<\/p>\n<p>Even still, Albany operatives said they weren\u2019t sure an Albany operation hitting on all cylinders would be able to make a difference because of fears among Democratic lawmakers of being accused of aiding developers as the summer primaries approach. <\/p>\n<p>\u201cThe mayor\u2019s been slow on pulling together a team that knows how to operate in Albany,\u201d said the veteran lobbyist. \u201cOn this issue, I don\u2019t think it would make a difference.\u201d \u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/brad-lander.jpg?w=1024\" alt=\"City Comptroller Brad Lander said the program should expire and be replaced by overhauling the property tax system.\" class=\"wp-image-22369301\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/brad-lander.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/brad-lander.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/brad-lander.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>City Comptroller Brad Lander said the program should expire and be replaced by an overhaul of the property tax system.<\/figcaption><figcaption><span class=\"credit\">Photo by Noam Galai\/Getty Images for One Fair Wage<\/span><\/figcaption><\/figure>\n<p>Meanwhile, lefties like City Comptroller Brad Lander, leaped into the vacuum and campaigned against Hochul\u2019s proposal by arguing it was too expensive and deferential to developers.<\/p>\n<p>Instead, Lander argued, state lawmakers should let the program expire and embark on an overhaul of the property tax system that treats rentals more fairly, attempts at which have repeatedly failed. <\/p>\n<p>Been served on the last property tax overhaul commission, which concluded in 2020 and issued recommendations that have since gone nowhere.<\/p>\n<p>\u201cI was on that commission, I can tell you how hard this would be,\u201d she said, before adding about the looming lapse in housing tax abatements: \u201cIt\u2019s discouraging, it\u2019s just not clear what plan B is here.\u201d<\/p>\n<p><em> Additional reporting by Bernadette Hogan<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/05\/22\/ny-affordable-housing-program-set-to-lapse-as-big-apple-rents-soar\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;NY affordable housing program set to lapse as Big Apple rents soar&#8221; Progressives are on the verge of killing one of the Big Apple\u2019s biggest and most controversial affordable housing programs, potentially nixing the construction of thousands of new rent-stabilized apartments as rents soar across the city. Efforts to extend or overhaul the 421-a program&#8230;<\/p>\n","protected":false},"author":1,"featured_media":451433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/nyc-rents-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[129533,81958,71386,69348,66147,12156,98806],"class_list":["post-451432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-5-22-22","tag-affordable-housing","tag-albany","tag-city-hall","tag-eric-adams","tag-housing","tag-kathy-hochul"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=451432"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/451433"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=451432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=451432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=451432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}