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NYC Housing Crisis Leaves Dozens of Properties Vacant Amidst Failure of Housing Compact

In an audit released on Wednesday by New York State Comptroller Tom DiNapoli, it was revealed that at least 71 properties controlled by the state and are reserved for seniors sat empty for years due to NYC housing crisis. The NYC housing crisis shows the struggles of many citizen to afford even just renting an apartment.

 

Housing compact for the NYC housing crisis

According to Daily News, the state is still struggling on how to shelter more than 75,000 migrants who moved to the city last April who contributed to the ongoing NYC housing crisis. With this, Gov. Kathy Hochul introduced the New York Housing Compact where they plan to create more equitable, stable, and affordable housing to meet the demand in the state. But the legislature found lots of downsides.

According to New York Post, the biggest problem they would face in this plan to control the NYC housing crisis is how to help citizens who work in the suburbs to actually afford to live there. With this major concern, the NYC housing crisis will not end unless the housing supply can satisfy the demand. And so the plan collapsed amidst closed-door negotiations between Gov. Hochul and Democratic legislators.

 

Actions to address NYC housing crisis

With Gov. Hochul’s plan turns into a failure, the NYC housing crisis has a chance to get worse. Manhattan Institute has shared some options that the state can take in order to address the NYC housing crisis. In the report, it was suggested that the state could make full use of the government owned properties for affordable renting. It can be offered for mixed-income housing development under long-term leases.

Another option would  be encouraging the construction of small multifamily buildings. The infill zoning would draw additional models from zoning reform efforts nationwide. The state does not meet the standard in its zoning, but doing this would be effective to address NYC housing crisis with new rental housing under current state laws.

As of the moment, there are still city-owned properties that are sitting empty throughout the state. This alone could help lessen the crisis if given enough consideration and planning.

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