In New York City, over 100,000 units of affordable housing developed in the 60's and 70's now get the chance to experiment with privatization.
New York City's Mitchell-Lama program was designed to provide affordable housing to the people. The developers got a concession that the units could go to market rents in 20 years. The last of these Mitchell-Lamas were built in the late 70's, and now all Mitchell Lama units are elibigle to turn to market rate housing. Should NYC spend resources to preserve these existing units for affordable housing, or should they concentrate on trying to replace them?
Thanks to Perry
Read the full story: When Landlords Decide to Leave Mitchell-Lama
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