Newswire

NYC Housing to Hit Breaking Point by 2027

According to a report from the New York Building Congress, in need of capital funding and repairs to fix its aging housing stock, the public housing system could hit a breaking point in less than 10 years.

NYC houses more than 400,000 residents in 2,400 buildings across the city and the public housing system problems have plagued the system’s governing agency, NYCHA, for some time now. The funds needed to maintain and repair the properties has increased to $31.8 billion as of 2017, as stated by the report.

The NYBC states that in less than 10 years, the cost of repairing many of the properties will exceed the cost of replacing them. By 2027, more than 90 percent of the system will reach a breaking point, putting more than 150,000 units in danger.

The NYBC has introduced a five-point plan to address the issues of streamline repairs and renovations, reducing NYCHA’s management portfolio, transfering the estimated 80 million square feet of air unused air rights to address capital needs, expanding NYCHA’s infill construction program and creating new housing on unused space on property sites.

“The looming crisis demands swift and bold action,” the NYBC wrote in the report. “Any path forward will take coordination from our City, State and Federal governments, and most importantly community input from residents.”