Following Mayor Bill de Blasio’s re-election victory last week, the administration is now offering up more details on its ambitious affordable housing plan. Titled Housing New York 2.0, the plan builds on the Mayor’s previous goal of creating or preserving 200,000 affordable homes by 2024.
The mayor announced last month that the city would achieve that goal two years early in 2022, and as a result the city had now made a commitment towards creating and preserving 300,000 units of affordable housing by 2026.
The increase in affordable housing is the central tenet of Housing New York 2.0, but with the announcement of the plan on Wednesday, the administration has also unveiled several new details about the program.
Some of these details are as follows:
- More senior affordable housing; underutilized public lots will be used to build these new homes.
- Enabling housing non-profits to prevent displacement in neighborhoods across the city; the city will help purchase 7,500 rent-stabilized apartments to keep them affordable.
- Preserving Mitchell-Lama Buildings; the city has committed $250 million toward making this a reality.
- Modular or micro-unit construction; the city hopes to invest in more of this building technology to reduce costs, and create affordable homes faster.
“Building on the incredible affordable housing accomplishments of our first term, Housing New York 2.0 commits us to creating 25,000 affordable homes a year and 300,000 homes by 2026,” said De Blasio in a statement. “Making New York a fairer city for today and for future generations depends on it.”
De Blasio made the Housing New York 2.0 announcement at the New Settlement Apartments in the Bronx where the city has financed the rehab of nearly 900 apartments. This investment will also ensure that these apartments remain affordable for the next 60 years.