Mayor de Blasio today came to Cypress Hills to announce that his administration financed more than 24,536 affordable homes last year, breaking an all-time record previously set by former Mayor Ed Koch in 1989.
Nearly half of those homes – 48 percent – serve people making less than $33,400 per year, or $43,000 for a family of three, according to de Blasio.
The Mayor marked the milestone by joining 79 year-old Jasper Hurst as he signed a lease for his affordable apartment at the brand new Cypress Hills Senior Residences, where more than 50 tenants are moving in this month.
The building was part of a major wave of construction financed early in the de Blasio administration that is now renting up. The City’s housing lottery posted a record 5,300 affordable apartments in 2017, more than double the 2,500 posted in 2014.
“Housing is the number one expense in New Yorkers’ lives. We’re bringing that expense down by putting shovels in the ground, and putting keys in tenants’ hands. There is more help than ever to fight eviction, freeze your rent or find an affordable home – and we want New Yorkers to reach it,” said de Blasio.
Released in October, the City’s updated Housing New York 2.0 plan offers a suite of new programs, partnerships, and strategies to help finance 300,000 affordable homes – 100,000 more than initially planned – so that more families and seniors can afford their rent or buy their first home.
The City has financed 87,557 affordable apartments in the past four years. The total direct City investment under the Mayor’s housing plan so far is $3.3 billion, and the total bond financing issued by the Housing Development Corporation is over $6.2 billion. In 2017 alone, New York preserved 17,359 affordable apartments and financed 7,177 new homes. This represents a direct City investment of $1.1 billion, leveraging more than $1.4 billion in bonds.
“As Chair of the Assembly’s Housing Committee, I’ve been proud to work in partnership with the de Blasio administration in preserving and creating affordable housing at a rate that’s been never before seen in New York City,” said Assembly Member Steven Cymbrowitz (D-Sheepshead Bay, Manhattan Beach, Brighton Beach). “The programs we have implemented have given hope and security to so many families, individuals and seniors, and I look forward to working with the city to continue this momentum in the coming year.”
City Council Member Robert Cornegy Jr. (D-Bedford-Stuyvesant, Northern Crown Heights), chair of the council’s Housing and Buildings Committee, said the importance of creating and securing more affordable housing in New York City cannot be overstated.
“Today’s announcement makes clear this administration’s commitment to doing just that. Continuing to advance the comprehensive approach needed to effectively address the affordability crisis here in New York City will require a sustained effort over many years. I look forward to working with the administration, my colleagues in the Council, and various other stakeholders over the course of the next four years to help make New York City a more affordable place to call home,” said Cornegy.
U.S. Rep. Nydia M. Velázquez (D-Brooklyn, Queens, Lower Manhattan) said access to affordable housing is a fundamental human right and the city can never afford to rest where so many neighbors face challenges securing safe, livable housing that meets their budget.
“The Mayor has made significant strides in this area and, while we must do more, I’m pleased by the progress announced today. This needs to be a priority at all levels of government and I’ll continue working in Washington for more federal funding for affordable housing, as well as promoting legislation to protect tenants from landlord abuses,” said Velázquez.
City Council Member Rafael Espinal (D-Bushwick, East New York) commended de Blasio and his administration on staying committed to building affordable housing for New York City families.
“I look forward to the housing that will be built throughout the city, including in my neighborhood of East New York where we worked together to secure 3,000 units of affordable housing through the East New York Neighborhood Plan,” said Espinal.
To get help finding an affordable home, freezing your rent or fighting eviction, call 311 or visit nyc.gov/LongLiveNY.
