New York City’s affordable housing policy has created attractive low-cost housing, but the price of success has been high.
In November, an affordable-housing development designed by renowned British architect David Adjaye opened in Manhattan's Sugar Hill neighborhood. The building's unique, cantilevered design, along with its ground-floor school and children's museum was hailed for its beautiful, unique design.
The problem: The nonprofit that built the Sugar Hill Development has asked the City Council to cover $4 million in construction cost overruns on the now $70 million residential portion of the building, bringing the per-unit price to more than $550,000, according to Crain’s New York Business.
The 124-unit structure is one of several financed under the Bloomberg administration that have gone well beyond the average cost for affordable housing in the city, which industry experts say has rarely exceeded $400,000 per unit, Crain’s says.
Though recent affordable housing projects, which have included neighborhood amenities, have been well received, the cost of these projects has reportedly become an increasingly contentious issue.
Related Stories
Coronavirus | Apr 5, 2020
COVID-19: Most multifamily contractors experiencing delays in projects due to coronavirus pandemic
The NMHC Construction Survey is intended to gauge the magnitude of the disruption caused by the COVID-19 outbreak on multifamily construction.
Plumbing | Mar 13, 2020
Pioneer Industries launches new website
Pioneer Industries launches new website
Multifamily Housing | Mar 5, 2020
The Aviator apartment community opens near Henderson Executive Airport
The community is inspired by antique airplane designs.
Building Materials | Mar 3, 2020
84 Lumber President Maggie Hardy Knox receives Career Achievement Award
Maggie Hardy Knox, President of 84 Lumber and Nemacolin Woodlands Resort, to receive Career Achievement Award.
Multifamily Housing | Feb 26, 2020
School districts in California are stepping in to provide affordable housing for faculty and staff
One high school district in Daly City has broken ground on 122-apartment building.
Multifamily Housing | Feb 23, 2020
A post-storm Puerto Rico reconsiders how and what to rebuild
Federal help means tougher code enforcement. And will this island of homeowners embrace renting?
| Feb 17, 2020
Interior designers weigh in on outdoor kitchens
Designers weigh in on outdoor kitchens
