Making the Rent Truly Affordable: Why Operating Subsidies Belong in New York City’s Affordable Housing Toolkit
Summary: Across income classes, most New Yorkers want to see the city invest in rent assistance over more tax breaks for developers or additional homeless shelters. Operating subsidies, one form of rent assistance the city has not yet utilized, would allow tenants to pay lower rents without compromising building operations and maintenance. Now NYC Comptroller Scott Stringer’s has proposed to invest $125 million a year in operating subsidies, plus $375 million annually in new capital funds for affordable housing. This report lays out why Stringer’s plan deserves serious consideration as a way to combat the city’s housing crisis.