Markets & EconomyRegulations

NYC City Council meets to discuss de Blasio’s affordable housing plan

Council to vote in March
  • The City Council will vote on the proposal in March.
  • Community and housing advocates claim the new rezoning laws fail to help the largest percentage of residents struggling to afford housing.
  • Although critics says these income levels are significantly higher than the largest portion of people in need of assistance, Housing New York is the first proposed order for new developments to make affordable units in areas rezoned for residential growth.
  • Measures to include lower-priced developments without thwarting expansion were proposed.

The New York City Council held its first meeting regarding pivotal affordable housing proposals last week. Mayor Bill de Blasio’s Housing New York plan officially introduced Mandatory Inclusionary Housing (MIH) back in September, and now debates are in full force, with the City Council examination signifying a coming conclusion of deliberation and development. The City Council will vote on the proposal in March. While de Blasio’s plan -- to create more than 80,000 new affordable units over the next 10 years -- seems hopeful on the surface, critics both inside and outside of Tuesday’s meeting vocalized their concerns with the program. Community and housing advocates claim the new rezoning laws fail to help the largest percentage of residents struggling to afford housing. MIH requirements MIH mandates new developments on rezoned land make portions of affordable housing units available to NYC residents. According to the proposal, the City Planning Commission and ultima...

Comments