Aerial view of Roosevelt Island. Image: Schizoform via Flickr.
Gov. Andrew Cuomo announced Sunday that an agreement had been reached to keep over 360 Roosevelt Island apartments in the Westview housing development, currently in the Mitchell-Lama rental program, affordable for 30 more years. Without the agreement, the Westview’s owner could have removed the building from the middle-class housing program and converted all of the apartments to market rate immediately. Instead, Westview will be able to exit from the Mitchell-Lama program but tenants will be offered first-time ownership opportunities at deeply affordable and below-market prices. Simultaneously, long-term affordability protections will be provided for tenants who continue to rent.