Opinion: On Affordable Housing, Mamdani Must Pair Speed With Stability

Voters have endorsed efforts to make advancement more efficient But streamlining alone will not help solve the housing dilemma if the city s agencies lack the guidance to implement these reforms or if rent-stabilized homes fall further into distress Homes and apartments in Queens Adi Talwar City Limits As New York City voters elected Zohran Mamdani as their next mayor with his promise of a rent freeze they also sent a message to the city that they want more housing advancement and they want it faster when they approved pro-housing ballot measures It s now up to the incoming Mamdani administration to pursue a strategy that follows through on the newly approved measures to accelerate affordable housing production while also protecting the affordable homes we already have especially New York City s more than million rent-stabilized apartments The strategy should include addressing long-standing quota demands at New York City s Department of Housing Preservation and Maturation HPD and bringing down skyrocketing operational expenses that will send rent-stabilized housing stock into further distress function d u ac var s d createElement 'script' s type 'text javascript' s src 'https a omappapi com app js api min js' s async true s dataset user u s dataset campaign ac d getElementsByTagName 'head' appendChild s document 'u kmqsczew vunxutxmd' At this time projects languish in the zoning review process typically for more than two years which can increase growth costs by percent to percent depending on a project s size and financing assuming no other changes in a project s scope a account from the Citizens Budget Commission ascertained Rise teams routinely take on critical pre-development debt and every delay increases costs undermines feasibility and shrinks the pipeline of new affordable homes Voters made clear they want the process to change One approved ballot measure will fast-track reviews for percent affordable housing projects citywide as well as for new mixed-income housing proposed in neighborhoods that as of now produce the fewest homes Another will accelerate reviews for apartment and condo projects that exceed existing size limits by a small margin A third change creates a new appeals panel designed to allow developers to challenge City Council decisions that reject or alter housing-related land use applications A final measure directs the city to digitize its official paper maps to help modernize and streamline future rezoning efforts Collectively these measures are intended to streamline approvals reduce political delays and help viable projects advance more promptly through the city s complex land use process But these reforms will only work if the administration ensures that HPD and other city agencies responsible for carrying out these changes have the support and staffing necessary to keep pace At the same time New York must preserve the affordable housing already in place as owners contend with rising costs A new analysis from LISC NY National Equity Fund and Enterprise shows that operating expenses for affordable housing have surged nearly percent since Insurance costs have risen by more than percent administrative costs by over percent and repairs and maintenance by percent The analysis also uncovered that rent collection in these units dropped from percent in to percent in While that nearly percentage point shift may seem small as arrears climb month-to-month the financial strain grows exponentially the analysis reported This mismatch between rising costs and falling revenue has pushed a majority of properties into distress In percent of buildings in the review operated with negative cash flow threatening building conditions and long-term affordability and the financial physical condition of nonprofit owners who make up percent of the portfolio reviewed in the overview Importantly these same pressures extend to rent-stabilized housing A latest analysis by the Neighborhood Preservation Corporation of rent-stabilized units in its portfolio ascertained that per-unit expenses increased percent between and driven by spiking insurance premiums utilities staffing costs and repair necessities Rent-stabilized apartments represent about percent of the city s rental housing Without aid to manage rising expenses this crucial stock is at menace of deterioration or disinvestment If the administration pursues a rent freeze for these homes as it has promised it must pair that protocol with tools that lower or help with rising expenses to keep these buildings safe solvent and well-maintained Otherwise a short-term effort to help tenants could unintentionally destabilize this working-class housing The road forward requires balance and capital Voters have endorsed efforts to make enhancement more efficient but streamlining alone will not help solve the housing emergency if the city s agencies lack the guidance to implement these reforms or if rent-stabilized homes fall further into distress The Mamdani administration must deliver a comprehensive approach that speeds the creation of new homes while stabilizing the housing that millions of New Yorkers depend on every day New Yorkers questioned for real change Now the city must act swiftly strategically and with the full understanding that production and preservation are equally essential to an affordable future Valerie White is the senior executive director at LISC NY Christine R O Connell is senior director of capital investments and expanded markets at LISC NY The post Opinion On Affordable Housing Mamdani Must Pair Speed With Stability appeared first on City Limits