New York has a serious and growing housing affordability issue. The issue is only getting worse. The answer to the problem is, not, merely fighting development, but a wholistic approach that considers the multitude of issues leading to the increasing lack of affordable housing in New York City.
The majority of residents of New York City are unable to afford a down payment to place on a home. One major reason for this reality is the cost of rents leads to the inability to create a savings, while wages have stagnated over the last twenty years.
Millennials, because of the drastic increase in the cost of education and more students choosing graduate education are having a terribly difficult time in saving for a down payment since educational loan payments are excessive when compared to stagnating income.
Since the financial crisis, mortgage companies have tightened their requirements for home loans.
Wages have stagnated, (15% increase over last 20 year - inflation adjusted) while rental prices increased by 40%.
Commodity inflation exceeded wage increases over the last twenty years.
Affordable housing supply has decreased and much of the older stock of housing needs a refresh.
Taxes on real estate in New York City is some of the highest taxes in the country.
Only 125,000 housing units were constructed (2005 - 2016), leading to short supply of housing.
68% of the 3+ million housing units in New York are rental units. Few people can afford to buy a home.
Few vacancies exist for apartments below $ 2,000.
Increase the supply of affordable housing with private and public partnerships through the 80/20 Program. Some adjustments must be made to this 80/20 Program, however, this program, overall, has increased the supply of affordable housing. The program mandates that a builder provide 20 percent of the housing in a newly built building to be affordable housing units.
We can not destroy many of our beautiful areas with simply a build, build, build mentality. Balance and respect for local residents is required. WE NEED COMMUNITY IMPUT.
Foster Community Land Trusts. A Community Land Trust is a private trust that guarantees that the trust is for the common good, such as for building and managing affordable housing (Affordable Housing Land Trust), community gardens and parks.
NYC’s Uniform Land Use Review Procedure ("ULURP") is a convoluted mess of a process that can take years to obtain building approval and does not adequately reflect the views of the community. We should streamline procedures for all contractors that are willing to provide 30% of their housing in the proposed building as affordable housing.
Relax Zoning/Development Rules in areas that are prime for affordable housing, however, we must consider the needs of the community and must consider the historical attributes of neighborhoods.
Hit up big tech companies to finance affordable housing. Chasing Amazon's HQ out of the City was not the answer. Amazon could have been encouraged to build more affordable housing in NYC in order to obtain expedited building approvals.
Consider and study the feasibility of reimplementing Michell-Lama. However, we all know of the many problems with Michell-Lama and the many ways the programs failed tenants. However, the program, in whole, was a great tool in increasing the number of affordable housing units in New York.
Lower Property taxes through the Revenue-Neutral Property Tax Program by Sean Hayes. One of the major reason for high rents is high property taxes.
Lower taxes via our Government Accountability & Tax Payers Rights Program by Sean Hayes
Improve the quality of Public Housing by implementing the Public Housing Revitalization Program by Sean Hayes.
Increase wages and quality of jobs via our Small Business Development Program by Sean Hayes and Economic Opportunity Zone Program.
The affordable housing problem is a problem that must be solved via considering this issue in a wholistic fashion and finding solutions to the problems through input from the Community. However, freezing building, in most cases, is not the answer to this issue and the majority of the candidates for NY City Council in District 1 wishes to not further develop this City. Balance and pragmatism and the understanding of the community is required.
Vote Sean Hayes in the Democratic Primary on June 22, 2021.
(Candidate for New York City Council in District 1)
Pragmatic Solutions through Experienced Leadership
Learn More About Sean: Learn about Sean Hayes
Please Support us at: Donate to Sean Hayes 4NYC