Closing the Door: Accelerating Losses of New York City Subsidized Housing
Summary: New York City’s stock of subsidized, privately owned rental housing provides low-income tenants and communities with important protections from the effects of a chronic housing shortage and a “hot” housing market. Unfortunately, the subsidized housing stock is itself rapidly disappearing, largely in response to the same market forces. Nearly a quarter of the city’s 120,917 apartments in the major subsidy programs were lost from 1990 to 2005, and another 13 percent are now threatened with the loss of their subsidies. These losses outweigh the preservation and production efforts projected in Mayor Bloomberg’s New Housing Marketplace Plan for 2004–2013.
Issues: Affordable Housing
Related Downloads:Executive Summary May 2006