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Why ‘Rental Assistance Is Crucial’ to Make NYC Housing Affordable — Center for New York City Affairs

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Urban Matters: For decades, New York City’s housing strategy has relied on incentivizing private developers to include affordable units in their projects. Governor Kathy Hochul intends to push for renewing a property tax incentive along these lines. Some housing advocates and legislators advocate a “social housing” alternative to produce or preserve publicly owned housing. Do we need either? Both? Alex Schwartz: They are not mutually exclusive. Rental housing construction has stalled since the expiration of 421-a [actually, “Affordable Housing New York,” the State’s successor to the previously expired 421-a property tax exemption for developing multiple-dwelling buildings on under-used land in New York City, including some designated as affordable apartments]. The proposal by some State Assembly members for a social housing program could, depending on appropriations, yield a significant amount of affordable housing, but it’s unlikely by itself to reach the necessary scale. A critical p

Why ‘Rental Assistance Is Crucial’ to Make NYC Housing Affordable The New School's Alex Schwartz is a widely recognized expert on national and local housing policy. Urban Matters : For decades, New York City’s housing strategy has relied on incentivizing private developers to include affordable units in their projects. Governor Kathy Hochul intends to push for renewing a property tax incentive along these lines. Some housing advocates and legislators advocate a “social housing” alternative to produce or preserve publicly owned housing. Do we need either? Both? Alex Schwartz : They are not mutu

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