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REBNY WatchViews

City’s affordable housing plan moving in the right direction

Across New York City, everyone can agree that we are in a desperate need to create more housing, especially affordable rental housing.

Finding a safe, quality, and affordable home can be a constant struggle for any working family and it’s created a crisis that we are constantly grappling with.

Fortunately, there’s been progress achieved by both state and local policy makers.

Mayor de Blasio announced that his administration is on a record pace of building and protecting affordable housing across the five boroughs.

The announcement serves as an update on the mayor’s 10-year Housing New York Plan, which seeks to create or preserve 200,000 homes. Since its inception in January 2014, the plan has already financed a total of 77,651 affordable homes, with 24,293 affordable homes and apartments secured in Fiscal Year 2017.
The 77,651 affordable homes underway include the highest total production in any three-year period in the history of the New York City Department of Housing Preservation and Development (HPD).

According to the mayor’s office, one-third of all affordable housing financed will reach New Yorkers making less than $33,400 for an individual, or $43,000 for a family of three. The total direct City investment under the housing plan is $2.8 billion, and total bond financing is up to $5.5 billion.

Earlier this year, the de Blasio administration allocated $1.9 billion in City subsidy to ensure 50,000 affordable homes for the lowest-income New Yorkers, with specific commitments for seniors and veterans.

The de Blasio administration deserves credit for the amount of time and resources that have been put into housing for New York’s growing population – especially for low income families that struggle under the burden of rent.

These numbers are certainly encouraging, but REBNY strongly believes that we need to make the creation of new housing a top priority.

This not only includes focusing on building enough housing to meet demand at all income levels, but also building housing in virtually every neighborhood in New York.

Photo by sanchez jalapeno/ Flickr
Photo by sanchez jalapeno/ Flickr

In this regard, the Mandatory Inclusionary Housing Program (MIH) has been an integral element of the administration’s neighborhood rezonings, which began with the approval of a plan in East New York and continue with many other rezonings in neighborhoods throughout the city that would increase affordable housing production citywide.

In April, Governor Cuomo and state lawmakers enacted the Affordable New York Housing Program, formerly known as 421-a, which restored tax exemption benefits for new residential construction. This important program will result in the production of substantially more affordable rental housing, jobs, and economic growth that is critical to New York City’s future.

For the sake of every hardworking New York family and the people who want to move here, the current pace of creation, preservation, and neighborhood rezonings must continue.

We have always been an evolving city, and as our population grows, we need to do our best to ensure that everyone in every neighborhood has access to an affordable, safe, quality home.

A breakdown of the affordable housing numbers released by the Mayor’s office can be found here.

New Yorkers looking for more information or who are interested in applying for affordable housing can visit connect or connect by phone by calling 311.

In other REBNY News:

The NYC Department of Veterans’ Services is working with private sector partners to leverage and expand the resources needed to provide subsidized housing to veterans. To support this effort, we are partnering with the Department of Veterans’ Services for REBNY’s 9th Annual Summer Donation Drive. REBNY members are encouraged to participate by donating new or like-new kitchen items including silverware, cooking utensils, pots and pans, plates, cups, cleaning essentials, and more. Donations may be dropped off at the REBNY mailroom (570 Lexington Avenue, Lower Level) through Friday, September 8. For more information and drop off times, visit To make a monetary donation, please contact Jeanne Oliver-Taylor at

Shifting markets lead to changing prices. The first of our two-part Residential Breakfast Club seminar series on pricing — featuring guest speakers Trish Martin and Laura Amin of Halstead Property with Jacky Teplitzky of Douglas Elliman Real Estate — will be held on Tuesday, August 15 from 9:30 to 11:00 a.m. This free for members seminar, “Pricing to Win the Listing – How to Establish Value,” will focus on teaching agents how to gather information to successfully align it with the seller’s vision when it comes to pricing property. Register at

How do you get the seller on board with your marketing strategy? Join speakers Vickey Barron of The Corcoran Group and Julia Hoagland of Compass on Thursday, September 7 from 9:30 to 11:00 a.m. for our second Residential Breakfast Club seminar, “Guiding the Seller to the Perfect Price,” which will focus on delivering your pricing pitch. Register at

The Residential Brokerage Division encourages REBNY members to review their re-sales, new development sales, and rental transactions — that have closed or will close between September 16, 2016 and September 15, 2017 — for submission to the 2017 REBNY Residential Deal of the Year Contest.

Awards for the top sales and rental transactions—in addition to the NEW Residential Agent of the Year Award, The Henry Forster Award for Lifetime Achievement, The Eileen Spinola Award for Distinguished Service, and The Most Promising Rookie Salesperson of the Year Award — will be presented at the 29th Annual Residential Brokerage Division Deal of the Year Charity & Awards Gala to be held on Thursday, October 26 from 6:00-10:30 p.m. at Metropolitan West.

The deadline for submissions is Friday, September 15 at 5:00 p.m. Visit to download the contest rules and application form, and reserve your table/ticket(s).

For event sponsorship opportunities, email Jeanne Oliver-Taylor at

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