Affordable housing is part of the bedrock of what makes New York City work. It's what underpins the economically diverse neighborhoods New Yorkers want to live in. It's critical to providing financial stability for working families, helping them get ahead and build a better life. And yet today, we face a crisis of affordability. New Yorkers are spending more and more to cover their housing costs, and entire neighborhoods have lost their affordability. That is why we created Housing New York: A Five-Borough, Ten-Year Plan to build and preserve 200,000 affordable units over the coming decade for households, to support New Yorkers with a range of incomes, from the very lowest to those in the middle class. This is a plan to get ahead of the curve, to protect neighborhoods and build our city's next generation of affordable housing.
The plan outlines over 50 initiatives to support our goal of building or preserving 200,000 units of high-quality affordable housing, broken down into four categories:
For more information, visit the NYC Housing website.
The Housing New York plan has financed 62,506 affordable homes since its inception in 2014 - breaking records for most new construction financed for a consecutive three years with 20,854 total homes financed. That total includes enough affordable housing to serve more than 160,000 low-income New Yorkers. Sixty-seven percent of the financing went to preserving the affordability of 41,652 existing apartments, which currently serve more the 100,000 New Yorkers.
Housing New York: Three Years of Progress describes the inroads made towards the goals of the Housing New York plan.
By creating innovative and cost effective programs to create sustainable affordable housing for the very lowest-income families – including seniors, veterans and families in City shelters -- the administration has created more homes for the lowest income New Yorkers than in previous administrations:
The administration is ahead of schedule to reach its goal of creating or preserving 200,000 units of affordable housing in ten years.
For more information on the close of the calendar year, see the press release.
|Construction Type||CY 2016 Starts||HNY Starts to Date||HNY Starts to Date %|
|Borough||New Construction HNY Starts to Date||Preservation HNY Starts to Date||HNY Starts to Date|
|Affordability||AMI %||Income Range 3-Person Household||HNY Starts to Date|