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Today's Lead: De Blasio's Affordable Housing Plan

by David Howard King, May 06, 2014


Mayor Bill de Blasio unveiled his long-awaited housing plan yesterday that will commit $8.2 billion in city funds to a 10-year affordability initiative. Developers in rezoned districts across the city will be required to include housing units for low and middle income tenants. The entire plan will draw federal, state and city funds to create 80,000 affordable housing units while maintaining 120,000 more and is expected to cost $41 billion. The crux of De Blasio’s plan is to allow developers to build taller buildings in exchange for including more affordable apartments but it isn’t clear how far the administration will go to ensure developers include the units. De Blasio touted the plan as the most ambitious affordable housing plan the country has seen and as a key piece of his quest to reduce inequality.

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