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
Multifamily Housing | Feb 12, 2020
4 products for your next multifamily project
These new products can help improve any new multifamily project.
Mixed-Use | Feb 7, 2020
Rising to the occasion
Roof deck entertainment spaces are popular amenities that present engineering and code complexities.
Multifamily Housing | Jan 31, 2020
Higher-income renters continue to drive what’s getting built and leased in the multifamily sector
Nearly half of all renters are “cost burdened,” according to the latest Joint Center for Housing Studies report.
Multifamily Housing | Jan 20, 2020
U.S. multifamily market posted solid gains in 2019
Rents grew 3% for the year, according to Yardi Matrix.
