Q&A
Affordability concerns and strategies to reduce housing costs
2:43:30
·
95 sec
Council Member Abreu raises concerns about the proposed 60% AMI average in the Universal Affordability Preference (UAP) program, citing community feedback. Chair Garodnick responds by explaining the administration's approach to keeping housing affordable for New York City residents.
- Garodnick defends the 60% AMI target as a good balance between affordability and feasibility
- He emphasizes that increasing housing supply has been proven to lower costs across the board
- Garodnick confirms that people below 60% AMI could also benefit from the housing created under UAP
Shaun Abreu
2:43:30
Since I have it a minute and a half left, I'll ask another question.
2:43:33
Many communities have given us feedback that the proposed average 60 percent AMI is simply not affordable to their communities.
2:43:41
At the same time, we've heard feedback from other communities that want more flexibility to serve higher income households.
2:43:48
Developers, meanwhile, have not been clear have been clear that requiring affordability levels below 60 percent AMI is not financially feasible.
2:43:57
What steps will this administration take to keep housing affordable for New York City residents?
Daniel Garodnick
2:44:03
Well, thank you.
2:44:04
Putting aside the question about 60% and whether it is not affordable enough or too restrictive to get something built.
2:44:12
We think that we've hit a good mark there and particularly with the income averaging element of 60%.
2:44:17
We think that we're able to allow a a certain amount of minimum flexibility and even to drive affordability lower.
2:44:24
The most important point here is that by adding supply of housing, it has been proven to show that it lowers costs across the board, cities that have done it.
2:44:35
Have seen costs go down in contrast to cities that have failed to do it, which have not.
2:44:39
Seen costs go down.
2:44:41
We expect the same to be the true in New York City.
2:44:44
This is an important initiative for us to be able to lower costs for New Yorkers.
2:44:48
We have a housing scarcity problem today.
2:44:50
And taking a bite out of it this way is a meaningful way for us to drive affordability.
Shaun Abreu
2:44:56
If someone so is it fair to say that someone who is under 60% AMI could also be able to benefit from this housing?
Christopher Marte
2:45:04
Yes.
2:45:04
Thank you.
