{"id":1004095959,"date":"2014-05-06T07:29:04","date_gmt":"2014-05-06T15:29:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004095959"},"modified":"2022-12-05T23:49:25","modified_gmt":"2022-12-06T07:49:25","slug":"nyc-mayor-thinks-big-with-new-41b-affordable-housing-plan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nyc-mayor-thinks-big-with-new-41b-affordable-housing-plan\/","title":{"rendered":"NYC Mayor \u201cThinks Big\u201d with New $41B Affordable Housing Plan"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Mayor-de-Blasio-press-conference-unveiling-new-NYC-housing-plan-May-5.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004095963\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/nyc-mayor-thinks-big-with-new-41b-affordable-housing-plan\/mayor-de-blasio-press-conference-unveiling-new-nyc-housing-plan-may-5\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Mayor-de-Blasio-press-conference-unveiling-new-NYC-housing-plan-May-5.jpg\" data-orig-size=\"800,533\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Mayor de Blasio, press conference unveiling new NYC housing plan, May 5\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Mayor-de-Blasio-press-conference-unveiling-new-NYC-housing-plan-May-5.jpg?w=800\" class=\"size-thumbnail wp-image-1004095963 alignright\" alt=\"Mayor de Blasio, press conference unveiling new NYC housing plan, May 5\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/05\/Mayor-de-Blasio-press-conference-unveiling-new-NYC-housing-plan-May-5.jpg\" width=\"150\" height=\"150\" \/><\/a>By Barbra Murray, Contributing Editor<\/p>\n<p>New York City Mayor Bill de Blasio has unveiled his $41 billion plan for addressing the ever-increasing need for affordable housing\u00a0\u2014\u00a0for both low- and middle-income individuals\u00a0\u2014\u00a0in New York City. The Housing New York: A Five-Borough, Ten-Year Plan is an ambitious endeavor, to say the least.<\/p>\n<p>\u201cThis plan thinks big\u00a0\u2014\u00a0because it has to,\u201d de Blasio stated. According to a report released by NYU Furman Center and Capital One last month, more than one million households in New York City are rent-burdened, or paying in excess of 30 percent of the household income, with approximately 600,000 of those households being severely rent-burdened, or paying more than 50 percent of their income on rent.<\/p>\n<p>\u201cAffordable housing is an issue that, a lot of times, has been overlooked, and the needs are very great, from the lowest-income people to people who are basically considered middle income,\u201d Beth Mullen, national director in the affordable housing industry practice of national accounting, tax and advisory firm CohnReznick, told <i>Commercial Property Executive<\/i>. \u201cThe need is substantial.\u201d<\/p>\n<p>The mayor\u2019s proposal calls for the construction of 80,000 new residential units and the rehabilitation of 120,000 existing apartments spanning the Bronx, Brooklyn, Queens, Staten Island and Manhattan, where, according to the NYU Furman Center\/Capital One study, rents rose 19 percent between 2005 and 2012.<\/p>\n<p>In addition to addressing the needs for both low- and middle-income families, De Blasio\u2019s multi-pronged effort will involve a move to protect tenants in affordable housing from the growing wave of deregulation and the creation of a neighborhood planning strategy to pinpoint areas where opportunities for more housing exist. Another facet of the plan involves the reduction of barriers in the development process by updating regulations and reconfiguring agency processes.<\/p>\n<p>Affordable housing has taken on new meaning. Perhaps the most unique element of the mayor\u2019s plan is the incorporation of the middle-income groups. Mullen believes de Blasio\u2019s effort will spur other jurisdictions to address the issue more fervently. \u201cIt absolutely adds to the national debate on this topic,\u201d she said. \u201cOther cities are having the same kinds of issues where the incomes of moderate-income families, not the lowest income families, but the workforce\u00a0\u2014\u00a0the nurses, the policeman, the firemen, all of those folks who are critical to the success of a city\u00a0\u2014\u00a0are being priced out of the (rental) housing market. I don\u2019t know if anybody completely focused on it before.\u201d<\/p>\n<p><em>Look for further coverage of this announcement.<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York City Mayor Bill de Blasio has unveiled his $41 billion plan for addressing the ever-increasing need for affordable housing \u2014 for both low- and middle-income individuals \u2014 in New York City. The Housing New York: A Five-Borough, Ten-Year Plan is an ambitious endeavor, to say the least.<\/p>\n","protected":false},"author":969,"featured_media":1004095963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,10],"tags":[],"class_list":["post-1004095959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NYC Mayor \u201cThinks Big\u201d with New $41B Affordable Housing Plan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nyc-mayor-thinks-big-with-new-41b-affordable-housing-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Mayor \u201cThinks Big\u201d with New $41B Affordable Housing Plan\" \/>\n<meta property=\"og:description\" content=\"New York City Mayor Bill de Blasio has unveiled his $41 billion plan for addressing the ever-increasing need for affordable housing \u2014 for both low- and middle-income individuals \u2014 in New York City. 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