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Bill de Blasio unveils $41-billion affordable housing plan
Mayor Bill de Blasio on Monday outlined an ambitious plan to build or preserve 200,000 affordable housing units over the next decade -- a $41-billion initiative that he called "literally the largest and most ambitious" program of its kind by any municipality in the country.
City officials presented the five-borough blueprint, called "Housing New York," as a set of goals that it seeks to achieve though a mix of zoning regulations, capital investment, tax incentives and federal programs. A study is underway on mandatory inclusionary zoning as one tool to include apartments for lower-income families in new development.
De Blasio at a news conference in Brooklyn, in front of an under-construction development that will make 20 percent of its units available to families of four earning under $41,000 annually, described the increase of affordable apartments as a "central pillar in the battle against inequality." The mayor was to also introduce his plan in the Bronx later Monday.
City officials said their plan aims to benefit seniors with limited housing options and homeless families in addition to low-income households. They said they will create economically diverse developments.
The plan calls for the breakdown of affordable housing units to be 60 percent preservations -- including housing owned by non-profit agencies -- and 40 percent new constructions by private developers.
The city investment over 10 years is to be $8.2 billion, with the remaining balance to come from state and federal coffers as well as private sources such as bonds and financing. The 200,000 units would benefit at least half a million residents.