Affordable Housing

Mayor’s Affordable Housing Plan Flawed, More Likely to Harm Brooklyn’s Most Expensive Nabes
March 26, 2015

Mayor’s Affordable Housing Plan Flawed, More Likely to Harm Brooklyn’s Most Expensive Nabes

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The revitalization of East New York is at the center of Mayor Bill de Blasio's affordable housing plan, but like his ambitious Sunnyside Yards project, his ideas for the fallen areas of Brooklyn are apparently also filled with holes. According to a piece published by the Wall Street Journal yesterday, de Blasio's plan to re-zone 15 neighborhoods to allow for taller and denser housing won't do much good for affordable housing. The main reason? The rents are too low. In fact, housing experts believe that his plan is more likely to hurt the character of Brooklyn's most tony areas, including Park Slope, Fort Greene, and Crown Heights, amongst many others.
More on their findings here
Rent Stabilization Demystified: Know the Rules, Your Rights, and if You’re Getting Cheated

Image by Jorbasa Fotografie / Flickr 

March 24, 2015

Rent Stabilization Demystified: Know the Rules, Your Rights, and if You’re Getting Cheated

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In New York City there are currently about one million rent stabilized apartments–about 47 percent of the city’s rental units. So why is it so hard to snag one? What are the benefits of having one (other than affordable rent, of course)? According to the New York City Rent Guidelines Board nearly 250,000 rental units have lost the protections of rent regulation since 1994. Why are we "losing" so many of them?
Find out the facts and how they could affect you
New Maps Show How Much You Need to Work in Order to Own a Home in NYC and Other Major Metros

Image via CityLab

March 16, 2015

New Maps Show How Much You Need to Work in Order to Own a Home in NYC and Other Major Metros

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Have you been thinking about buying a home in NYC? Well if you're single, get ready for a life of mortgage-gouging hardship. A new study conducted by the Martin Prosperity Institute takes a look at how much Americans spend on housing, where in the United States we're spending the most, and how many years we'll need to put in if we want to own a home in a big city.
maps and results here
5,484 Affordable Housing Units Could Be Lost if 421-a Abatement Isn’t Renewed, Says New Report

Brooklyn’s Pacific Park development, one of the pipeline projects examined in the report for it’s affordable housing offer. Rendering by COOKFOX

March 16, 2015

5,484 Affordable Housing Units Could Be Lost if 421-a Abatement Isn’t Renewed, Says New Report

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This morning the Real Estate Board of New York (REBNY) released a report today saying if the city fails to renew the existing 421-a partial tax exemption program, we could stand to lose thousands of affordable units. REBNY took a look at a sample of projects in the pipeline—including Essex Crossing, 5Pointz, Domino and Pacific Park, amongst others—and found that 421-a is responsible for 5,484 affordable apartments and 13,801 market-rate units in these developments. They argue that without the abatement the theses units would be in jeopardy and be "immediately be sent back to the drawing board." They add that some of the units could even end up as high-end luxury condominiums and some of the middle- and low-income housing now in the works would be lost forever.
Find out more
City Proposes New Zoning Plan to Increase Affordability, Current Height Limits to Be Lifted
March 11, 2015

City Proposes New Zoning Plan to Increase Affordability, Current Height Limits to Be Lifted

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On the surface it sounds like a great idea: Adjust zoning regulations to better accommodate the Mayor's goal of preserving and creating 200,000 units of affordable housing. But some are angered that the proposal would lift current zoning protections and height limits by as much as 20 to 30 percent. According to the Department of City Planning, the newly released plan, called Housing New York: Zoning for Quality and Affordability, addresses the city's outdated zoning regulations that don't reflect today's housing needs or construction practices. However, an email from the Greenwich Village Society for Historic Preservation asserts: "The proposal would change the rules for ‘contextual’ zoning districts throughout the city–zoning districts which communities frequently fought hard to secure, to limit the height of new development and keep it in character with the surrounding neighborhood."
More information ahead
REVEALED: Massive Mixed-Use Development at Red Hook’s Revere Sugar Factory Site
March 6, 2015

REVEALED: Massive Mixed-Use Development at Red Hook’s Revere Sugar Factory Site

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The housing-design experts at Magnusson Architecture and Planning (MAP) have hashed out a feasibility study to redevelop the Revere Sugar Factory site in Red Hook with a 1.7 million-square-foot development to include more than 900 apartments, 250,000 square feet of retail, and 400,000 square feet of parking. The six-acre site at 280 Richards Street is owned by the Joesph Sitt-led, Thor Equities, who purchased the parcel back in 2005 to the tune of $40 million, according to the New York Observer. The vacant parcel juts out 700 feet into the Erie Basin, and sits between the Ikea parking lot and the Red Hook Stores building home to Fairway Supermarket (and Michelle Williams, of course). Though MAP's rendering date back to 2007, they have yet to be publicized, and we have the first look here.
More information on the project here
New Website Will Help New Yorkers Find Out if Their Apartment Is Rent Stabilized
March 4, 2015

New Website Will Help New Yorkers Find Out if Their Apartment Is Rent Stabilized

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Let's face it, we all feel that we're paying too much for our tiny NYC apartments, and while for most of us that's just the name of the game, for others who are living in a rent-stabilized unit but being charged market-rate rent, it's actually true. Want to know if you fall into that boat? A new website called amirentstabilized.com will help you find out. The site allows renters to search their building to see if it's on the city's list of addresses with rent stabilized units. Unfortunately, it can't tell you if your specific apartment is one of them, but it's a great first step and provides resources for confirming your unit's status, as well as filing a complaint if you're being overcharged.
Find out more here
New Ruling: Landlords Can’t Kick a Bankrupt Tenant Out of Their Rent-Controlled Apartment
March 3, 2015

New Ruling: Landlords Can’t Kick a Bankrupt Tenant Out of Their Rent-Controlled Apartment

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Going broke will no longer mean losing out on your rent-controlled apartment in NYC. According to Bloomberg, city tenants who file for bankruptcy will now be able to keep the keys to their affordable apartments as public assistance. The decision is taken from two opinions formed by the New York State Court of Appeals and the Manhattan-based U.S. Court of Appeals for the Second Circuit. Previously bankrupt tenants faced a threat of eviction even when they were current on rent.
Find out more here
Where Will Mayor de Blasio Land on the 421-a Tax Abatement Debate?

Mayor de Blasio via @KevinCase via photopin cc; affordable housing buildings via gkjarvis flickr

March 2, 2015

Where Will Mayor de Blasio Land on the 421-a Tax Abatement Debate?

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Developers have been rushing to break ground on projects before June, when the controversial 421-a tax abatement is set to expire, as it provides incentives to developers for up to 25 years when they reserve at least 20 percent of a building’s units for low- and moderate-income tenants. However, those against the 40-year-old program criticize it for using working people's tax dollars to build swimming pools and pet hotels for the world's billionaires; after all, the construction of One57, where a penthouse recently sold for $100 million, was built using subsidies from the program. But on what side of the debate does Mayor de Blasio, whose goal is to implement "the largest affordable housing program that any city, any state has attempted in a ten-year time span in the history of the republic," fall? Though many of his supporters oppose 421-a, in order to reach his goal of building 80,000 new affordable housing units–especially in places like East New York where a rezoning would be necessary to allow for denser construction that mandates the inclusion of permanently affordable apartments–de Blasio says he needs the program, according to Capital New York.
More on the 421-a debate here
City Council Proposes New Law That Would Allow Tenants to Sue Landlords for Using Airbnb

Via Airbnb

February 27, 2015

City Council Proposes New Law That Would Allow Tenants to Sue Landlords for Using Airbnb

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One week ago we learned of the landmark ruling to evict a rent-stabilized tenant from his ultra-luxe 450 West 42nd Street building for listing the unit on Airbnb for nearly triple what he was paying, a show of just how serious the city is about the issue. Now they're getting even more aggressive, as two City Council members want to pass a new law that would let tenants sue their landlords for renting out neighboring apartments as illegal hotels through Airbnb.
More details ahead
Rent-Stabilized Tenant Gets Evicted for Listing His Apartment on Airbnb in a Landmark Decision

Inside the apartment. Image via Airbnb

February 20, 2015

Rent-Stabilized Tenant Gets Evicted for Listing His Apartment on Airbnb in a Landmark Decision

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If you were questioning how truly serious the city is about its beef against Airbnb, look no further than this landmark ruling to evict a rent-stabilized tenant from his ultra-luxe 450 West 42nd Street building. The Post reports that Henry Ikezi was just given the boot by a Manhattan Housing Court judge for posting his 46th-floor Hell's Kitchen apartment on the site for $649 per night, about triple what he was paying at $6,670 per month. The home's market value is upwards of $9,000.
More on the landmark case here
The New Broadway Plan Could Bring 3,000 Housing Units to West Harlem, 50 Percent Will Be Affordable

Broadway and 146th Street, a typical stretch in West Harlem

February 11, 2015

The New Broadway Plan Could Bring 3,000 Housing Units to West Harlem, 50 Percent Will Be Affordable

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You may remember the Harlem Promenade project, which proposed transferring air rights over the Amtrak rail lines in West Harlem to create affordable housing and using the sale of the air rights to pay for $170 million in community improvements in Hamilton Heights, including a High Line-esque park. We've now learned that the project has taken on a new life as the New Broadway Plan, which may be smaller in scope than the original plan, but would be the largest creation of affordable housing in Manhattan since 1959 if fully realized. It would also make a huge dent in Mayor De Blasio's goal of creating or preserving 200,000 affordable units over ten years. The Plan proposes a rezoning of portions of Broadway from 125th to 155th Streets in order to build 3,000 new units of housing, 50 percent of which will be permanently affordable, and to equalize the amount of new affordable to market rate housing stock, which is currently at a disproportionate ratio of 20 percent to 80 percent, respectively.
Get the scoop here
HIGHLIGHTS: De Blasio Announces Plans for More Affordable Housing and a New City-Wide Ferry Service
February 3, 2015

HIGHLIGHTS: De Blasio Announces Plans for More Affordable Housing and a New City-Wide Ferry Service

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Mayor Bill de Blasio just wrapped up his State of the City address, and in addition to focusing in like a laser beam on affordable housing, the mayor also unveiled a number of additional improvements that certainly had us sitting up straight in our seats. In his address, De Blasio emphasized that his plan would look to creating denser, economically diverse affordable residential communities for not only low-income New Yorkers, but also for chronically homeless vets, seniors and artists. “While the state of our city is strong, we face a profound challenge,” de Blasio said during his speech. "If we fail to be a city for everyone, we risk losing what makes New York, New York…Nothing more clearly expresses the inequality gap—the opportunity gap—than the soaring cost of housing." The mayor also spoke about the administration's plan to raise minimum wage and expand public transit, which would include adding more Bus Rapid Transit lines to the outer boroughs, and, most notably, a brand new city-wide ferry system that would serve areas such as the Lower East Side, the Rockaways and Red Hook for the same cost as a subway ride. Keep reading for more highlights.
Highlights from de Blasio's speech here
Developers Rush to Break Ground and Add Affordable Housing Before Tax Incentives End

Image via Pexels 

February 2, 2015

Developers Rush to Break Ground and Add Affordable Housing Before Tax Incentives End

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It would be nice to think that developers added affordable housing to their projects out of the goodness of their hearts, but it probably has more to do with the construction bonuses and tax incentives afforded for up to 25 years to developers when they reserve at least 20 percent of a building's units for poor and moderate-income tenants. But this real estate tax break, known as the 421a abatement, is set to expire on June 15, lighting a fire under developers to break ground on new projects. The concern, though, is that some development sites receive 421a benefits as of right (meaning solely for putting up a new building), while others are required to include affordable housing. The difference is based on geographic location. For example, Manhattan between 14th and 96th Streets and the waterfronts of Brooklyn and Queens must include affordable housing. According to Crain's, some housing advocates "want projects to get abatements only if they create affordable units—which are priced for renters who earn 60 percent or less of the area's median income."
What does this mean for the future of affordable housing?
City Exceeds 2014 Affordable Housing Goals, but Few Apartments Are Below 96th Street

Photo via Pexels

January 16, 2015

City Exceeds 2014 Affordable Housing Goals, but Few Apartments Are Below 96th Street

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Photo via Pexels The Mayor announced yesterday that the city had exceeded its affordable housing goal for 2014 by 1,300 apartments, building or preserving 17,300 affordable units. This represents 8.6 percent of de Blasio's larger goal of 200,000 units over 10 years. But on the heels of the announcement, a report by New York University's Furman Center shows that only 6 percent of new subsidized affordable rental units have been built below 96th Street since 2000, compared with 16 percent in the '70s. The city says it's ramping up its building and preservation efforts to 20,000 affordable units per year, but this likely won't do much to sway the numbers above 96th Street.
More on the affordable housing news here
Could These Portable Temporary Homes Help Solve NYC’s Affordable Housing Crisis?
January 16, 2015

Could These Portable Temporary Homes Help Solve NYC’s Affordable Housing Crisis?

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As the De Blasio administration struggles to find ways to remedy the city's affordable housing crisis, here comes a solution from overseas that could help solve their woes while also putting the city's nearly 15,000 revitalization-ready vacant lots to use. Dubbed Heijmans ONE, these Dutch-made prefab homes are easily portable, easily deployable, and are designed specifically to provide cheap housing for those who need it.
More details on the beautiful design here

Image © Thomas X. Casey, BronxNYC

December 29, 2014

The Bronx Is the Least Affordable County in the U.S. for Renters

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Brooklyn may hold the title for most unaffordable place to buy a home in America, but when it comes to affordability for renters, the Bronx is the worst. According to the Daily News, a new report shows that tenants in the borough spend 68% of their earnings on rent, which roughly equates to $2,000 per month for a three-bedroom […]

Study Says Brooklyn Bridge Park Towers Will Have Insignificant Environmental Impact

Rendering of the Brooklyn Bridge Park waterfront via Brooklyn Bridge Park

November 21, 2014

Study Says Brooklyn Bridge Park Towers Will Have Insignificant Environmental Impact

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Critics of the two new residential towers planned for Pier 6 in Brooklyn Bridge Park have made complaints that the structures' environmental impact needed further analysis, but a new study, completed by environmental engineering firm AKRF and set to be released today by the city-controlled Brooklyn Bridge Park Corporation asserts that the towers' environmental impact will be insignificant. In a statement, Brooklyn Bridge Park said: “After evaluating the potential impacts on 19 distinct environmental categories—including schools, flood resiliency, traffic and open space—and incorporating any relevant updated changes to the project, the environmental regulations and background conditions, the technical memorandum concludes that the Pier 6 uplands project would not have any additional significant impacts.”
More on the planned towers here
City Wants to Up Mansion Tax to Raise Funds for Affordable Housing

When completed, 520 Park Avenue will have a $130 million penthouse, the most expensive apartment ever in NYC

November 19, 2014

City Wants to Up Mansion Tax to Raise Funds for Affordable Housing

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As the city continues to explore new avenues for the creation of affordable housing, the WSJ reports the latest idea being floated is a new "mansion tax" that would increase the amount collected on the most expensive apartment sales. Currently, homes that change hands for more than a million dollars are subject to a 1% tax, but the city wants to up this to take advantage of the red hot luxury housing market. The proposal, unsurprisingly, has met with much criticism.
More on the mansion tax here
Dear Developers: City Proposes Swapping Air Rights for Permanent Affordable Housing
November 18, 2014

Dear Developers: City Proposes Swapping Air Rights for Permanent Affordable Housing

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In the ongoing battle to provide more affordable housing to New Yorkers, the city has drawn up a new proposal that might just get developers clamoring to build more below-market units. The Economic Development Corporation has issued a request for proposals from developers who would, in exchange for no-cost air rights, provide a permanently affordable housing program that maximizes the number of units available and their affordability.
Find out more here
<b>Home and Away: Is Airbnb a Threat to the Affordable Housing Market?</b>

Photo courtesy of Airbnb via Facebook.

November 10, 2014

Home and Away: Is Airbnb a Threat to the Affordable Housing Market?

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Controversial room-sharing startup Airbnb, one of the most visible players in what is being called the “sharing economy,” has recently awakened the innovation vs. regulation argument in all the usual ways–and a few new ones, including the accusation that these short-term rentals are depleting the already-scarce affordable housing stock in pricey metro areas like San Francisco and New York City.
What the latest data reveals–and what's being done about it
<b>Quooklyn: The Rise of Ridgewood and Why Your Friends Will be Moving There</b>

Photo © Cameron Baylock

November 10, 2014

Quooklyn: The Rise of Ridgewood and Why Your Friends Will be Moving There

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Among neighborhoods primed to be the next untapped frontier, Ridgewood isn’t a newcomer. This low-key community on the western border of Queens has seen a steady migration of L-train riders, including the young and restless fleeing Williamsburg and professionals looking for a safe, accessible, quiet ‘hood to call home. In New York City, where every square foot vies for “next big thing” status, Ridgewood is a smart alternative to its headline-stealing North Brooklyn neighbors, Bushwick and Williamsburg, for anyone looking to invest in an up-and-coming residential area.
More on the rise of Ridgewood this way
<b>INTERVIEW: Karim Rashid on His Move into Architecture and Designing Colorful NYC Condos</b>
September 15, 2014

INTERVIEW: Karim Rashid on His Move into Architecture and Designing Colorful NYC Condos

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You may not recognize Karim Rashid immediately, but odds are you have at least one of his designs in your home. A staunch believer that everyone deserves access to great design no matter what their budget (it's what he calls "designocrasy"), Karim has become one of the world's most celebrated designers having brought thousands of new ideas and innovations to the widest-possible audience. As such, Karim has won hundreds of international awards, including the prestigious Red Dot, and his work can be found in more than 20 permanent collections including those of the MoMA, Centre Pompidou, and SFMOMA. Karim also calls everyone from Umbra to Giorgio Armani, Kenzo, Alessi, Artemide and Veuve Clicquot as his clients, and Time magazine once described him as the "most famous industrial designer in all the Americas". Clearly having conquered the industrial design realm, Karim recently turned his creative eye to architecture. We recently caught up with the designer cum architect to talk about the evolution of his career and the three eye-popping HAP condos he's now got under construction for New York City. Hear what he has to say about his grand new endeavors—color, controversy and all.
Read our interview with Karim Rashid here
Real Estate Wire: The Helmsley Building Could Hit the Market for $1.5B; Carnegie Park Going Co-Op
September 3, 2014

Real Estate Wire: The Helmsley Building Could Hit the Market for $1.5B; Carnegie Park Going Co-Op

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The Commercial Observer interviews Gary Barnett of Extell. The developer discusses everything from his aggressive development stance to the “poor door” controversy that’s gotten everyone all riled up. [CO] An epic tale of murder at 31 Bond Street—the site of new condos coming to the NoHo market. [NYT] The “Gossip Girl Penthouse” at 1136 Fifth Avenue sold […]

14 New Designs Proposed for Brooklyn Bridge Park Project – BIG, Asymptote and FXFOWLE on the Roster
August 6, 2014

14 New Designs Proposed for Brooklyn Bridge Park Project – BIG, Asymptote and FXFOWLE on the Roster

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The city has just received 14 new design proposals for the two remaining housing developments on the southern edge of Brooklyn Bridge Park, a site that has been the focus of a contentious affordable housing debate; namely whether such units should be added to the coveted waterfront site. According to the Wall Street Journal, the Brooklyn Bridge Park Corp., which runs the park, will discuss the new proposals in a meeting today.
See all 14 proposals here
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