Mayor de Blasio intends to lease unused land at public housing projects to private developers to build towers with 50-50 market rate and subsidized rentals, he announced Tuesday. Van Dyke and Ingersoll Houses as well as one complex in the Bronx will be the first in the project, which aims to raise $200,000,000 in fees from developers over 10 years as well as create 10,000 affordable units, The New York Times reported.
The money will go toward maintaining existing NYCHA housing, to make up for losing more than $1 billion in federal subsidies since 2001. Separately, an advocacy group for the elderly today recommended in a report that 39 parking lots at low-income senior housing be transformed into housing for seniors, The Wall Street Journal reported. (more…)