To address the affordability crisis head on, in 2017 the City committed to accelerating and expanding the pace of Housing New York to achieve 300,000 affordable apartments by 2026. Through a range of strategies, including land use actions, new financing tools, partnerships with nonprofit organizations, and innovative new approaches, we will find more efficient ways to design and build affordable units and deliver them on time, and also make more land available for developing affordable and mixed-income housing.
PARTNER WITH COMMUNITY ORGANIZATIONS TO PRESERVE AFFORDABILITY
The City launched Neighborhood Pillars, a $275 million public-private fund to help nonprofit organizations acquire, and preserve affordability in, existing unregulated and rent-stabilized buildings. The program is expected to fund acquisition of approximately 1,000 homes annually, many of which are at risk of speculation and rapid turnover, totaling 7,500 homes over the next eight years that will be locked into long-term affordability.
