AGENCY TESTIMONY
Challenges in increasing homeownership production
0:30:44
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67 sec
Deputy Commissioner Darga highlights the resource-intensive nature of homeownership programs and the need to balance these efforts with other pressing housing priorities.
- Open Door homes require roughly twice as much city subsidy as new affordable rental housing
- ANCP requires approximately three times as much city subsidy as new affordable rental housing
- Need to balance homeownership focus with commitment to stabilizing New Yorkers experiencing acute housing instability
- Limited resources require difficult trade-offs between homeownership and other housing priorities
Kim Darga
0:30:44
Our work to create new home ownership opportunities is, however, resource intensive.
0:30:49
Homes created through Opendoor require roughly two times as much city sub City, and ANC requires approximately three times as much city subsidy to develop compared to new affordable rental housing.
0:31:05
We are committed to these programs as part of our 3 pronged strategy to a existing homeowners and provide opportunities to new homeowners.
0:31:13
We're also acutely aware of the need to balance our focus on homeownership with our equally important commitment to stabilizing the many New Yorkers experiencing acute housing instability and living in poorer quality housing.
0:31:28
Those New Yorkers need us to produce as much affordable rental housing, supportive housing, and housing dedicated to households coming out of shelter as possible, and to continue to invest resources and renovations of existing affordable housing.
0:31:44
Increasing our homeownership production requires us to make difficult trade offs given the limited resources we have.
