QUESTION
How many buildings would be eligible for the new housing program in New York City?
1:15:29
·
59 sec
The Deputy Commissioner estimates that roughly 700,000 residential units in New York City could be eligible for the new program.
- The eligibility is based on a percentage of the market value.
- The calculation is based on a 66% market value threshold and 45% requirement.
- This translates to approximately a $750,000 market value for an eligible condo or co-op unit.
- The exact number of buildings is not provided, but the estimate is based on the number of residential units.
Pierina Ana Sanchez
1:15:29
Thank you, council member, Felise.
1:15:32
So I was doing doing some math in in the background here.
1:15:34
So if if it is a 66% of the market value, then we're and that's in 45%.
1:15:42
So so high school algebra, right, means a $750,000, but council number rest was not here.
1:15:48
But $750,000 value, like market value, approximately for a condo or co op unit.
1:15:54
Is what is eligible.
1:15:56
Roughly.
1:15:57
So okay.
1:15:58
So thank you, counsel, member, Felise, and agree on all points.
1:16:03
Just moving back to the, you know, now looking forward into into the new program.
1:16:07
So has HPD conducted an analysis to determine how many buildings would be eligible for the new program?
Kim Darga
1:16:13
We believe there are roughly I don't think I have the building data, but I think there are roughly 700,000 residential units in New York City that we think could be eligible.
Pierina Ana Sanchez
1:16:28
Got it.
