In a change from last year, the administration of New York City Mayor Bill de Blasio would let some residential developers double or even triple-dip into affordable housing subsidy pools for the same projects.
This is a reversal of a policy that would have eliminated double dipping. It came to light as two affordable housing measures were being debated.
One is a property tax exemption called 421-a that would require developers to set aside 25% to 30% of apartments in new buildings as affordable housing. Another, known as mandatory inclusionary zoning, would require that developers set aside up to 30% of all new condo or rental buildings as affordable on rezoned property.
The latter policy must be approved by the City Council. The relationship between the many programs that generate and govern affordable housing is complicated. How the two programs interact with each other, provided they both end up as law, remains to be seen, according to Crain’s New York Business.
Related Stories
Codes and Standards | Feb 7, 2020
Landlords scramble to comply with the New York City Council’s Climate Mobilization Act (CMA)
Intent is to reduce greenhouse gas emissions; improve efficiency for buildings larger than 25,000 sf.
Codes and Standards | Feb 6, 2020
New document to determine THERM finite element modeling surface temperatures released
Process often used to predict interior surface temperatures on fenestration.
Codes and Standards | Feb 5, 2020
HUD issues guidance on emotional support animals
Clarifies the responsibilities of rental housing providers and renters.
Codes and Standards | Feb 4, 2020
New Jersey to become first state to require building contractors to consider climate change impact
Governor has seven key strategies for emissions cuts.
Codes and Standards | Jan 31, 2020
Colorado ranks first in LEED Top 10 states
Rankings of states for LEED certified square feet per person released.
Codes and Standards | Jan 30, 2020
Dramatic demographic shifts poised to alter global workplace
By 2030, Millennials and Generation Z will dominate workforce.
Codes and Standards | Jan 29, 2020
Half of Manhattan’s new residential skyscrapers are empty
Excess comes as middle class housing shortage worsens.
Codes and Standards | Jan 28, 2020
Updated Engineered Wood Construction Guide now available
Provides guidance on building engineered wood floors, walls, and roofs.
Codes and Standards | Jan 24, 2020
Fenestration Rating Council earns ANSI certification
FenStar Certification Program ensures windows, doors, and skylights meet Energy Star specifications.
Codes and Standards | Jan 23, 2020
Rent control policies backfire on goal of boosting affordable housing
Natl. Apartment Assn. study says rent control decreases housing supply, harms condition of housing stock.
