Skip to main content

NYC Council Approves Affordable Housing Changes

Phil Hall
Mar 23, 2016
The New York City Council approved Mayor Bill de Blasio’s zoning plan to bring more affordable housing options to the city’s expensive residential market

The New York City Council approved Mayor Bill de Blasio’s zoning plan to bring more affordable housing options to the city’s expensive residential market, but the final council vote was punctuated by loud and colorful protests from demonstrators opposed to the plan.

According to a New York Daily News report, the plan will require developers to incorporate some affordable units in their residential developments—the so-called “mandatory inclusion” guideline—which the mayor insisted would be keystone in his goal to add 80,000 income-restricted apartments to the city’s housing environment. The council’s approval required two major changes in the de Blasio proposal. The mayor initially set a $46,000 family income requirement for participation in this aspect of the affordable housing plan, but he conceded to lower that level to a $31,000 a year income.

The approved plan also jettisoned another proposal by de Blasio to require developers build parking at affordable and senior apartment buildings in communities that are easily accessible by subway. As a trade-off for the disappearance of parking options, developers will be able to construct taller buildings in areas that were previously zoned for more modest developments.

The Council’s debate and vote was interrupted by protesters opposed to these plans. In a dramatic display of civil disobedience, some protestors glued their hands together and created a human chain—but police and security officials managed to disconnect the agitators and remove them from the council chambers.

Published
Mar 23, 2016
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021