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☆ New York City Has a Bold Plan to Fix Its Housing Crisis. Will It Work?
▼ + stars: | 2023-10-25 | by ( Mihir Zaveri | More About Mihir Zaveri | ) www.nytimes.com time to read: +1 min

Upgrading basements and building up bodegas. The plan is a combination of different strategies. One component would also make it easier to build smaller apartments, like for single-room occupancy, that could be relatively cheap to rent. Other parts of the plan would apply only in less crowded areas outside of Manhattan, where a hodgepodge of zoning rules often prevent the development of anything other than single- or two-family homes. These changes, which could also increase the supply of lower-cost homes, include:● Allowing the construction of two- to four-stories of apartments above laundromats, shops and other businesses along certain commercial strips;● Allowing the construction of modest apartment buildings on big lots near subway, bus and other transit stations;

Locations: Manhattan, Brooklyn, Bronx, Queens

☆ How 100,000 Apartments in New York City Disappeared
▼ + stars: | 2023-10-19 | by ( Mihir Zaveri | More About Mihir Zaveri | ) www.nytimes.com time to read: +1 min

The rate of combinations ramped up in the 1990s as the city came out of an economic crisis. “I’m not trying to begrudge folks who are trying to build a larger apartment as their families grow,” said Adam Brodheim, a preservationist who did the research. “I’m trying to bring attention to the way these actions across the entire city make a meaningful impact on our housing crisis.”On some streets, many buildings that were built a century or more ago as single-family homes and split during the 1900s into multiple units have once again become single-family homes. In the rowhouses on West 88th Street between Amsterdam Avenue and Columbus Avenue, there are about 173 units. That compares with more than 400 units on the same street in the 1950s and 1960s, according to Mr. Brodheim, who is also a member of Open New York, a nonprofit that advocates for more development.

Persons: “ I’m, ”, Adam Brodheim, Brodheim Organizations: Open Locations: Manhattan, Brooklyn, Amsterdam, Columbus, York

☆ In Yards, Offices and Basements, New York Hopes to Build 100,000 Homes
▼ + stars: | 2023-09-21 | by ( Mihir Zaveri | More About Mihir Zaveri | ) www.nytimes.com time to read: +1 min

Mayor Eric Adams is proposing a major overhaul of New York City’s approach to development that his administration says could make way for as many as 100,000 additional homes in the coming years and ease the city’s severe housing crisis. The proposed reforms, which Mr. Adams is announcing on Thursday in remarks at Borough of Manhattan Community College, amount to his administration’s broadest and most ambitious attempt to tackle New York City’s housing shortage, which has been worsening for decades. Rules limiting growth have long made it difficult for enough homes to be built to accommodate everyone who wants to live here, driving up the cost of living. That, in turn, has raised a threat to the city’s economy as businesses struggle to keep workers and families have poured out of the city. The proposals could bring new housing development to nearly every corner of New York City and reflect a growing political consensus that the city must do everything it can to build.

Persons: Eric Adams, Adams Organizations: Manhattan Community College, New Locations: New York, New York City

☆ New York City Cracked Down on Airbnb. What Happens Next?
▼ + stars: | 2023-09-16 | by ( Mihir Zaveri | More About Mihir Zaveri | ) www.nytimes.com time to read: +1 min

Since 2018, Tricia Toliver, a freelance stage manager, has rented out the bottom floor of her Brooklyn townhouse through Airbnb, earning more than $3,000 a month by hosting visitors to New York City for a few days at a time. But after city officials last week started enforcing rules prohibiting short-term rentals in apartments like hers, Ms. Toliver, 64, had to figure out what she would do with the South Slope apartment. The new rules, which went into effect on Sept. 5, mean as many as 10,800 listings for short-term rentals will likely no longer be available, according to a city estimate from the end of March. City officials say the shift will force property owners to rent those homes to residents instead of visitors, helping to ease the city’s housing shortage. And some, like Ms. Toliver, are waiting, hoping that backlash to the enforcement scheme will change things so she can rent the apartment out again.

Persons: Tricia Toliver, Toliver, “, ” Locations: Brooklyn, Airbnb, New York City

In New York City, debates over affordability often center on the proliferation of opulent high-rise developments. But in the boroughs, deep-pocketed investors are buying up hundreds of smaller buildings, prompting a new set of concerns in the city’s deepening housing crisis. Over the past few years, private equity firms have quietly spent hundreds of millions of dollars buying apartments in neighborhoods like Bushwick, Bedford-Stuyvesant and Williamsburg in Brooklyn and Ridgewood in Queens, property records show. Private equity firms — which typically invest money on behalf of pension funds, endowments or other large sources of wealth — focus on assets, like businesses or housing, that they can buy relatively cheaply but that have big profit potential. Their expansion into the housing market across the nation has prompted scrutiny in Congress about whether the trend is amplifying America’s affordability problems.

Locations: New York City, Bushwick, Bedford, Stuyvesant, Williamsburg, Brooklyn, Ridgewood, Queens, New York

☆ Almost $80 Billion Needed for Repairs to New York City’s Public Housing
▼ + stars: | 2023-07-12 | by ( Mihir Zaveri | More About Mihir Zaveri | ) www.nytimes.com time to read: +3 min

Worsening living conditions in the city’s public housing system have vast implications. NYCHA’s developments are home to more than 330,000 people, a population larger than that of Orlando or Pittsburgh. Rents for public housing residents tend to be capped at 30 percent of their income, and the average rent is less than $560 per month. New York’s public housing system was once heralded as a progressive triumph. A new public benefit corporation, created by the state last year, could also give the access to more funds.

Persons: Eric Adams, Barack Obama, NYCHA, Adams, Lisa Bova, Hiatt, Jamie Rubin Locations: York City, Orlando, Pittsburgh, Chelsea

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