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Q&A
Addressing challenges to homeownership in New York City
1:23:59
ยท
147 sec
Council Member Brooks-Powers inquires about the role of city planning and land use policy in addressing challenges to homeownership in New York City. Commissioner Goodridge discusses various programs and initiatives aimed at promoting affordable homeownership.
- Goodridge mentions a recent op-ed proposing the use of zoning to build more affordable homeownership opportunities
- She highlights successful programs like Mitchell-Lama and HDFCs, and suggests investing more in such opportunities
- The Commissioner also notes challenges such as cash buyers outcompeting mortgage seekers in the housing market
Selvena N. Brooks-Powers
1:23:59
No and I agree and thank you for the clarity on it because that's some of what I was hearing in my district too because we were often getting painted as being NIMBY and it was less about that and more about one affordability came up about is it truly affordable, who is it affordable for.
1:24:16
We know the AMI dynamic is not really a good metric for most communities in New York City either, And it was being pushed or promoted as the more you build, the deeper the affordability which it is not necessarily like, you know, it may not it may or may not generate.
1:24:37
But the next thing I have is in terms of the challenges to homeownership in New York City.
1:24:41
So rising home prices, high property taxes, and limited access to financing remain major barriers to homeownership.
1:24:50
What role do you believe city planning and land use policy can play in addressing these challenges?
Leah Goodridge
1:24:59
So I was describing that I was very happy to see this op ed in City and State.
1:25:04
I think it was by council member Williams, Felice and I forgot the third one but Riley?
1:25:15
And Riley.
1:25:16
And thank you.
1:25:18
I was very happy to see this because it it essentially argues that through zoning, the city should have an approach to building more affordable home ownerships and they specifically cite examples, but like I said, know, the Mitchell Lama programs were very successful in my opinion, and we have other, you know, we have HDFCs, we have other types of these programs, but there should be more of an investment into these opportunities.
1:25:48
I think there are some state, you know, the Sony mob program, there are state programs for mortgages and so forth, there's also the HPD one where I believe it's up to a hundred thousand dollars, I think that's incredibly helpful for home for homeownership.
1:26:03
One thing I do hear from people is it's great, know, but if the home starts at 500 k, there are host of other issues where for example, you know, people are being bought out by cash buyers.
1:26:14
So this the whole like get a mortgage era, their their competitors are cash buyers right now in the home market so that's that's just a whole other problem.