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Building Congress: NYCHA Should Monetize Its Assets
Transferring unused air rights, at a potential gain of $2 billion or more, is among the recommendations from the New York Building Congress on ensuring the future viability of the city’s public housing. The Building Congress’ roadmap for the New York City Housing Authority translates to “more efficient operation and construction programs, with NYCHA leveraging its assets for funding and managing fewer properties.”
The authority currently manages 175,000 apartments, most of which were built between 1945 and 1970. “Given the aging housing stock and the current rate of deterioration, the long-term viability of most NYCHA units is uncertain,” according to the Building Congress’ report.
With a portfolio on the scale that NYCHA manages, the authority’s greatest asset is “the land which it occupies—more than 110 million square feet throughout the five boroughs,” the report states. “For context, that’s as much real estate as all of Manhattan below 14th Street.”
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