Affordable Housing

February 22, 2024

5,000 NYCHA apartments are sitting vacant, new report finds

Despite the city's current housing and homelessness crisis, about 5,000 public housing apartments are sitting vacant. According to a report published Wednesday by Bart Schwartz, the federal monitor overseeing the New York City Housing Authority (NYCHA), a special team assembled by the agency to expedite turning over vacant apartments has actually slowed down the process, leaving apartments in need of repairs empty for months, as The City reported. The number of empty NYCHA apartments has increased from just about 490 in 2021 to nearly 5,000 as of last month, even though roughly 240,000 New Yorkers are on the waitlist for an apartment.
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February 21, 2024

Mayor Adams sued over failure to enact housing voucher laws

The New York City Council on Wednesday filed a motion to join a class-action lawsuit against Mayor Eric Adams for failing to comply with new laws regarding housing vouchers that should have taken effect on January 9. The Legal Aid Society filed the suit last week on behalf of four plaintiffs who are unable to access housing vouchers they are entitled to under laws passed by the City Council last year, according to Gothamist.
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February 21, 2024

Lottery opens for 83 mixed-income luxury apartments near Times Square, from $934/month

A housing lottery opened this week for 83 mixed-income apartments at a new rental in Midtown West. Located at 312 West 43rd Street on the border of Times Square and Hell's Kitchen, the 33-story building offers 330 luxury apartments with high-end finishes, state-of-the-art amenities, and a central location. New Yorkers earning 40, 60, and 120 percent of the area median income, or between $32,023 for a single person and $183,000 for a household of five, can apply for the apartments, which range from $934/month studios to $3,813/month two bedrooms.
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February 20, 2024

All-electric affordable housing project planned for Mott Haven parking lot

A project that will bring an all-electric affordable housing development and a new community theater to Mott Haven is moving forward. The city's Department of Housing Preservation and Development (HPD) last week selected the team that will convert a city-owned parking lot at 351 Powers Avenue into a 90-unit, fully-electric affordable housing development dubbed the Powerhouse Apartments. The South Bronx development is part of Mayor Eric Adams' "24 in 24" plan, which calls for two dozen affordable housing developments on public land to advance this year.
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February 16, 2024

21 middle-income luxury apartments available in the South Bronx, from $1,800/month

Applications are now being accepted for 21 middle-income apartments at a new rental development in the South Bronx. Located at 2976 Third Avenue in Melrose, the 15-story building offers residents newly constructed luxury units with spacious open layouts. New Yorkers earning 130 percent of the area median income, or between $61,715 for a single person and $198,250 for a household of five, can apply for the apartments, priced at $1,800/month for studios, $2,250/month for one-bedrooms, and $2,600/month two-bedrooms.
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February 12, 2024

Crown Heights townhouse seized from slumlords available for $678K through lottery

A Crown Heights townhouse owned by an infamous slumlord duo and seized by the city is for sale. The home at 1214 Dean Street was turned over in 2022 after a $2.25 million settlement between the city and the previous owners, who tried to illegally evict tenants during the pandemic and ran an illegal hotel. Following a restoration, the property is now accepting applications as part of the city's affordable housing lottery system. First-time homebuyers with at least a four-person household earning 110 percent of the area median income can apply to buy the home, which is listed at $678,000.
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February 9, 2024

NYC rental vacancy rate drops to 1.4%, lowest in 50+ years

New York City's net rental vacancy rate has dropped to a mere 1.4 percent, the lowest rate on record. According to a survey released by the Department of Housing Preservation and Development on Thursday, the city had a little over 33,000 vacant rental apartments available between January and mid-June of 2023 citywide, out of a total stock of 2,357,000 units. Despite adding 60,000 units since 2021, the demand for housing in all five boroughs is outpacing the construction of new homes.
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February 7, 2024

New York lawmakers propose new state agency to build affordable ‘social housing’

New York lawmakers want to create a new publicly-funded agency to address the state's ongoing affordable housing crisis. State Sen. Cordell Cleare and Assembly Member Emily Gallagher on Tuesday introduced a bill proposing the creation of the Social Housing Development Authority (SHDA), a new agency that would use state money to finance the creation of permanently affordable, 100 percent union-built housing, instead of relying on private developers. According to City Limits, SHDA would create "social housing," a term used to describe developments typically owned by public entities, non-profits, or the residents themselves.
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February 6, 2024

116 deeply affordable homes coming to city-owned Prospect Heights site

A project that will bring affordable apartments and a community garden to Prospect Heights is underway. The city's Department of Housing Preservation and Development (HPD) last week selected Apex Building Group and Bridge Street Development Corporation to convert a 17,000-square-foot HPD satellite office at 516 Bergen Street into a 116-unit affordable housing development known as "Bergen Green." The project falls under the Atlantic Avenue Mixed-Use Plan (AAMUP), which in combination with the nearby redevelopment of a Dean Street parking lot, will bring roughly 270 affordable homes to Prospect Heights.
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January 30, 2024

NYC unveils plan to develop 570 affordable homes on Inwood parking lot

New York City is moving forward with an ambitious plan to advance two dozen affordable housing projects on public land this year. The city's Department of Housing Preservation and Development (HPD) on Monday began the public outreach process for the redevelopment of an unused city-owned parking lot in Inwood with roughly 570 affordable homes, public green space, and a STEM facility. The Inwood Waterfront project falls under Mayor Eric Adams' "24 in 24" plan, which pushes for 24 affordable housing developments on 24 publicly-owned sites to ultimately create or preserve more than 12,000 housing units.
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January 24, 2024

Adams looks to develop 24 affordable housing projects on public sites across NYC

The city will push forward 24 residential developments on city-owned properties across the five boroughs. During his State of the City address on Wednesday, Mayor Eric Adams unveiled several proposals addressing the ongoing housing crisis, including a new initiative called "24 in 24." The plan calls for two dozen affordable housing projects on public land, which could create and preserve over 12,000 affordable apartments.
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January 23, 2024

NYC to curb ‘community preference’ policy in affordable housing lotteries

New York City will restrict the preference it gives to residents applying for an affordable apartment within their community district according to a settlement reached on Monday. Under the current policy, 50 percent of affordable apartments are set aside for New Yorkers who live in the same neighborhood as the development, known as “community preference." After a lawsuit first filed in 2015 challenging the policy as discriminatory, a new order signed Monday caps the preference to 20 percent of units through 2029 and then to 15 percent after that.
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January 16, 2024

139 beachfront apartments available in Coney Island, from $1,640/month

About a block from the Atlantic Ocean and the world-famous Riegelmann Boardwalk, a new Coney Island rental has opened a lottery for 139 mixed-income apartments. Located at 1515 Surf Avenue, the 16-story development is the city's first multi-family geothermal project, meaning it uses the Earth to heat and cool the building instead of fossil fuels. New Yorkers earning 80 and 130 percent of the area median income, or between $60,069 for a single person and $198,250 for a household of five, can apply for the apartments, ranging from $1,640/month one-bedrooms to $3,013/month two-bedrooms.
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January 10, 2024

Hochul calls for replacement and extension of 421-a tax abatement in NYC

As housing production in New York City hits new lows, Gov. Kathy Hochul is calling once again for a replacement of the 421-a tax abatement program that expired in 2022. During her 2024 State of the State address on Tuesday, the governor said she plans to introduce legislation permitting the city to offer a tax break to developers of new rental construction, as well as an extension of the completion deadline of the expired program. Hochul's previous proposals to replace the program in 2022 and 2023 failed to move forward.
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January 5, 2024

Apply for 87 income-restricted apartments in prime Fort Greene, from $910/month

Applications are now being accepted for 87 affordable apartments at a new mixed-use project in Fort Greene. The Hanson Place Community Plaza development at 142 South Portland Avenue has 104 apartments, 10,000 square feet of community space, and a prime location, just a block from the mall and transit hub at Atlantic Avenue and the Barclays Center. Qualifying New Yorkers earning 50, 60, and 140 percent of the area median income can apply for the apartments, priced from $910/ month for studios to $3,654/month for three-bedrooms.
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December 28, 2023

Nearly 200 mixed-income apartments available near Yankee Stadium, from $465/month

A housing lottery opened this week for 198 mixed-income units at a new residential development in the South Bronx. Located as part of a two-building project at River Avenue and McClellan Street, the McClellan Apartments is a 17-story building with 250 apartments. New Yorkers earning 30, 50, 70, and 100 of the area median income, or between $18,515 for a single person and $175,100 for a household of seven people, can apply for the apartments, which range from $465/month studios to $2,639/month three bedrooms.
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December 27, 2023

NYC rental subsidy aims to build more affordable housing in wealthy neighborhoods

The city on Tuesday announced plans to subsidize mixed-income rental projects in neighborhoods with few low-cost homes as a way to jumpstart development following the end of the 421-a tax exemption. The new program, called the Mixed Income Market Initiative (MIMI), would make public money available for the first time to projects with both affordable and market-rate units, with the goal of incentivizing developers to build more affordable homes using revenue generated from the market-rate apartments.
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December 21, 2023

NYC Council approves bill limiting criminal background checks by landlords

The New York City Council on Wednesday passed legislation limiting the use of criminal background checks by landlords when screening tenants. Sponsored by Council Member Keith Powers, "The Fair Chance for Housing Act" amends the city's Human Rights Law to prohibit landlords, owners, and real estate brokers from rejecting applicants based on past convictions. However, landlords can consider misdemeanor convictions from the last three years and felony convictions within five years. Other exemptions to the bill include certain sex crimes and one- or two-family homes where the owner also lives.
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December 20, 2023

Upper West Side rental opens lottery for 52 mixed-income units, from $1,096/month

Applications are now being accepted for 52 mixed-income units in a new luxury rental building on the Upper West Side. Located at 266 West 96th Street, the 23-story building includes 171 luxury apartments and exclusive amenities, including an expansive rooftop terrace. New Yorkers earning 70, 80, and 130 percent of the area median income, or between $40,526 for a single person and $198,250 for a household of five people, can apply for the apartments, priced from $1,096/month studios to $3,703/month two bedrooms.
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December 19, 2023

After 20 years, Pacific Park faces foreclosure and an uncertain future

As the massive Brooklyn megadevelopment once known as Atlantic Yards reaches its 20th anniversary, news of the project's progress has been scarce. But recent changes affecting the development anchored by Barclays Center may put the 22-acre site–now known as Pacific Park–back in the spotlight. As The Real Deal reported in a wrap-up of its progress over the past two decades, current developer Greenland USA has defaulted on nearly $350 million in loans attached to the project's second phase. With foreclosure imminent, an auction, scheduled for next month, may mean a new developer will be responsible for fulfilling crucial affordable housing agreements and inherit penalties for unbuilt units.
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December 18, 2023

Vacant hotel near JFK Airport to become 300+ permanently affordable apartments

An empty hotel near John F. Kennedy International Airport in Queens will be converted into a permanently affordable housing development with 300 apartments. Slate Property Group, RiseBoro Community Partnership, and the city's Housing Development Corporation on Monday announced the acquisition of the former JFK Hilton Hotel for $64 million, the first step in converting the vacant hotel into homes for low-income households and formerly homeless New Yorkers. Construction is expected to kick off next month.
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December 13, 2023

276 units available at affordable Passive House in East Harlem, from $498/month

Applications are being accepted for 276 mixed-income units at the world's largest fully affordable Passive House in East Harlem. Located at 50 East 112th Street, the building is the second phase of Sendero Verde, a mixed-use project with affordable housing, outdoor space, a school, community space, and retail. New Yorkers earning 30, 50, 60, and 110 percent of the area median income, or between $19,646 for a single person and $192,610 for a household of seven, can apply for the units, which range from $498/month studios to $3,169/month for three bedrooms.
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December 13, 2023

New York to spend $50M restoring single-room occupancy units

New York is paying landlords to renovate and repair single-room occupancy (SRO) apartments as a way to provide housing for vulnerable New Yorkers. Gov. Kathy Hochul on Tuesday announced $50 million will be spent to rehabilitate up to 500 existing SROs across the state. Units in SRO buildings usually include one room with a sink and stove and access to a shared bathroom. A common type of housing in New York City until the second half of the 20th century, SROs cost less than the average apartment and appeal to low-income renters or those struggling with homelessness.
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December 7, 2023

Hochul unveils plan to bring 2,800 homes to underused Creedmoor campus in eastern Queens

Gov. Kathy Hochul on Wednesday released the Creedmoor Community Master Plan, a proposal to redevelop 58 acres of the Creedmoor Psychiatric Center campus in Queens into a mixed-use community with over 2,800 homes, green space, bike infrastructure, retail, and amenities. State-owned Creedmoor has operated as a mental health center since 1912 and hit its peak patient population of 7,000 in 1959. Today, a majority of the campus sits vacant. Queens Borough President Donovan Richards and Empire State Development (ESD), along with the Metropolitan Urban Design Workshop, developed the master plan over six months.
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December 7, 2023

Apply for 56 luxury apartments in Rego Park, from $2,250/month

A housing lottery has opened for 56 middle-income apartments at a new luxury rental building in Queens. Located at 98-08 Queens Boulevard in Rego Park, Vista65 is a 22-story building with over 180 modern apartments and luxurious amenities like an outdoor terrace, fitness center, and a complimentary espresso bar in the lobby. New Yorkers earning 130 percent of the area median income, or between $77,143 for a single person and $198,250 for a household of five, can apply for the units. Apartments are priced at $2,250/month for studios, $2,695/month for one-bedrooms, and $3,295/month for two-bedrooms.
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