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Comptroller Stringer Wants 25% Affordable in All New Development
New York City Comptroller Scott Stringer has proposed a universal requirement for 25% permanently low-income affordable housing in all new development citywide with 10 or more units built under existing zoning.
Stringer also wants to abolish the 421-a tax subsidy for developers, which he called “highly inefficient in its production of affordable housing.” He asserted that the de Blasio administration’s Mandatory Inclusionary Housing program has failed to create many apartments that are affordable to local residents.
“The power in this approach lies in its simplicity: if you’re going to build in New York City, you will provide affordability that is sustainable,” said Stringer.
The Real Estate Board of New York tweeted a response to Stringer’s proposal, saying that while some of the comptroller’s ideas were “supported by fact and sound policy goals,” others were “incomplete and may only exacerbate the city’s critical need for more rental housing.”
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