Q&A
Discussion on affordability mechanisms in low-density neighborhoods
4:17:43
·
100 sec
Council Member Avilés inquires about affordability mechanisms in low-density neighborhood proposals. Chair Daniel Garodnick explains the reasoning behind not mandating affordability in these areas.
- No mandated affordability in low-density proposals due to concerns about impeding housing creation
- 'Missing middle' type modest apartment buildings tend to be more affordable naturally
- Opportunities exist for HPD and non-profit developers to create affordable housing
- New multifamily buildings can take advantage of the 485x tax abatement with affordability mandates
- Concern that affordability mandates might push potential homeownership opportunities to rental
Alexa Avilés
4:17:43
Okay.
4:17:44
It's still too close for comfort, but I'm gonna take it.
4:17:47
In terms of the the low density proposals for the low density neighborhoods, what affordability mechanisms are being put in place there?
Daniel Garodnick
4:18:00
So we did we did not mandate affordability in the low density proposals for a variety of reasons.
4:18:10
The first is that the sort of housing that we are trying to enable through the missing middle type modest apartment buildings.
4:18:20
They tend to be more affordable as a matter of course, and we were concerned that a mandate there would actually impede its creation in the first place.
4:18:31
We also knew that by creating these opportunities, we also were creating opportunities for HPD and not for profit developers to act really do affordable in those spaces, as well as new multifamily buildings will inevitably take advantage of the 485x tax abatement, which has affordability mandates in it.
4:18:52
And then the last piece And the last reason was we were aware that and are aware that there are real homeownership opportunities in buildings of this size.
4:19:05
And we were concerned that an affordability mandate might hear push them to rental.
4:19:12
So those were the reasons, but we did think about it.
4:19:15
We obviously support the creation of affordable housing.
4:19:19
Wanna maximize our opportunities for affordable housing, but that was the reason we did not associate a mandate here.
Alexa Avilés
4:19:24
Great.
