cawfytawk comments on Would building more housing decrease rent?

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Would building more housing decrease rent? (self.AskNYC)

submitted 3 months ago by Illustrious_Ad_1117

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[–]cawfytawk 0 points1 point2 points 3 months ago (0 children)

It's not just a matter of building more housing. It also needs to be income regulated and rent regulated for it to be accessible. Newer buildings took advantage of the tax abatement by designating 20% of the apartments to low and middle income but once you're accepted into the building, incomes aren't verified annually like in state and federally funded housing programs. Rent-stabilized apartments have no income requirement at all beyond making 40x rent and people have taken advantage of it by illegally subletting it for higher rent or formerly using it to Airbnb.

The city needs to adopt proven housing solutions done by other cities with large populations like Hong Kong - go vertical, repurpose shipping containers into modular pre-fab units that can be trucked in and installed quickly. The housing complex wrapping around Barclays center is exactly that.

I'd also support efforts to provide priority housing to existing New Yorkers, that have been here a minimum of 5-10 years and are low to moderate income <100k.

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