Without money, the City of New York sells their housing stock to developers who can pay for renovations.
The City of New York has sold over 95% of the housing stock it obtained from delinquent landlords. The conditions of most of these buildings were so terrible that New York simply had to offer them up to more capable developers due to budget shortfalls. "The transformation has been a stunning, unequivocal success. It stabilized neighborhoods. It oiled the economy. It improved the city's image and helped fuel the broader revitalization of New York." The biggest issue, however, is how this private ownership affects rents. "Homelessness is reaching record levels and once-forlorn neighborhoods are increasingly unaffordable for many New Yorkers...New York finds itself at a crossroads as it confronts a new set of housing challenges without this inventory of city-owned property. As the portfolio dwindles, the city's challenge is shifting from rehabilitating housing and land to dealing with a shortage of both."
Thanks to Adam Weiss
FULL STORY: One Housing Woe Gives Way to Another
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