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Challenges and goals for affordable housing in New York City
0:04:12
ยท
3 min
Council Member Sanchez discusses the depth of the housing crisis, highlighting the need for more affordable housing and increased capital investments. She emphasizes the importance of collaboration between the council and HPD to address these challenges.
- The housing vacancy survey reveals extremely low vacancy rates, especially for affordable units
- There's a need to increase the target for new affordable housing units
- The current 5-year capital plan falls short of the mayor's campaign promise
- The council is ready to support ambitious initiatives to meet housing goals
- Sanchez calls for collaboration to make a real difference for New Yorkers
Pierina Ana Sanchez
0:04:12
And unfortunately, it is clear that the housing crisis is deep the state was unable to negotiate a major housing production deal last year or extend new tenant protections.
0:04:22
The housing vacancy survey as mentioned, published last month revealed startling facts about the depths of the city's current affordability crisis.
0:04:32
Among the units renting for $1100 or less, the HBS found a tiny vacancy rate of only 0.39 9%, even among units renting for under $2400, which would require a $97,000 annual income to be affordable at 30 percent of your income.
0:04:52
There is less than a 1% vacancy rate.
0:04:55
As a result, the multi racial working class is being driven out of New York with 200,000 Black New Yorkers, nearly 110th, leaving over the past 2 decades HPD is at the center of the city's plan to build and preserve affordable housing and neighborhoods.
0:05:13
While gratefully, HPD has increased, the head count over the past year by 214 positions kudos to 2461 active positions as a end of January 2024.
0:05:25
Internal capacity for inspection, development, and especially for preservation remain overstretched.
0:05:32
The council invites closer collaboration to build more deeply affordable and supportive housing while extending more affordable homeownership opportunity It is positive that the administration raised its previous target of 18,000 units starts to 20,000 starts.
0:05:48
But this is still below the target of 25,000 units from the prior administration.
0:05:53
New Yorkers simply need more affordable housing as soon as possible.
0:05:58
Further, capital investments are needed.
0:06:00
When removing capital funding for Rad Pak at NIAGEN, HPD's 5 year capital plan totals $8,840,000,000, which is about 70% of the $12,500,000,000 5 year capital target may or promised for HPD as a candidate in 2021.
0:06:18
Now that the administration has canceled the executive plan peg, I hope to hear more about new capital and expense investments planned for HPD.
0:06:27
You know, the council has our own ideas that we want to work with you on.
0:06:31
Whether in preservation, new construction, inspections, supportive housing, or new responsibilities caring for asylum seekers, HPD has its financial tasks in front of you.
0:06:41
Although they are challenging, the committee stands ready to support ambitious initiatives that will seat that will set New York City on a plat to meeting our goals.
0:06:51
I look forward to hearing from the commissioner and HPD leadership on how we can collaborate make a real difference for new orders.
0:06:57
Thanks once again to the committee staff who have helped prepare this hearing, Dan Krupp, our principal financial analyst, Jack Story, or unit head, Chima Ovichere, deputy director in the finance division, Taylor Zaloni, Austin Malone.
0:07:11
Jose Kondre, Andrew born, Brook Fry, and Reese Hirota in the legislative division.
0:07:15
And on my team, Sam Cardenas, my chief of staff, Kadeem Hobinson, legislative director, Magal Imendez, Adrian Cacho, Maria Vidal logo, Paulo La Allevo, Gerard Fernandez.
0:07:25
And our 12 community interns shout out to our chief for making that happen.
0:07:30
Finally, a reminder for members of the public who would like to testify, please fill out a witness slip with the sergeant at arms so that we can include you in the speakers list.
0:07:38
I'll now pass it to our public advocate to make some introductory remarks.