August 2, 2017
New York City is on schedule to meet Mayor Bill de Blasio’s ambitious goal to build new affordable housing. But the building business can do more to support new construction.
“Despite a number of obstacles, including the temporary expiration of the 421a tax incentive program and the resistance he has faced in enacting portions of his rezoning plan, he and his team have really risen to the challenge thus far,” said Carlo A. Scissura, president and CEO of the New York Building Congress.
From January 2014 through June 2017, New York City produced a total of 25,342 new affordable housing units across the five boroughs. That’s roughly one-third of the 80,000 new units of affordable housing promised by 2024. Developers in the Bronx started construction on the most new affordable housing units, accounting for 39% of the total.
“It is incumbent upon all members of the design, construction and real estate industry to continue working with the Mayor’s office to keep construction going, by making a forceful case for the Mayor’s neighborhood strategic rezoning initiatives and individual residential projects that promise to deliver significant numbers of new affordable housing,” said Scissura.
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