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City Announces 2,200 New Units of Affordable Housing

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New York Attorney General Eric Schneiderman announced this week that funding for 2,200 new units of affordable housing in New York City will be provided by Bank of America Corp. and Citigroup Inc. as part of their settlements for causing the 2008 financial crisis. The banks will pay $75 million, which will also go toward 1,500 units of affordable housing elsewhere in the state. Not everyone is pleased about the news, however—protesters who fear that the development of new housing in Brooklyn will lead to gentrification reportedly attempted to drown Schneiderman out, chanting "Affordable for who?" and "Stop gentrification!", as he announced the news outside the Sunset Park Library on Wednesday.

Tensions are especially high in East New York, which will be on the receiving end of 1,200 of the affordable housing units, the city announced today. The city says that those units will be built within the next two years and that more than three quarters of them will be targeted toward at families making at or below 60 percent of the area median income. A 1,000-seat school is also in the works, as part of the city's plan to rezone a 100-block area of the neighborhood.
· City promises 1,200 affordable apartments in East New York in the next two years [Crain's]
· Demonstrators slam gentrification as Eric Schneiderman pushes affordable housing plans [NYDN]
· BofA, Citigroup to Fund Affordable Housing in N.Y. Settlements [Bloomberg]
· East New York coverage [Curbed]