NYC Considers Basement Apartment Pilot Program – NMP Skip to main content

NYC Considers Basement Apartment Pilot Program

Jun 29, 2018
In an effort to address the shortage of affordable housing in New York City, four City Council members introduced legislation to fund a pilot program to create new apartments in basements of existing housing structures

In an effort to address the shortage of affordable housing in New York City, four City Council members introduced legislation to fund a pilot program to create new apartments in basements of existing housing structures.
 
According to a CurbedNY report, the program would enable “habitable apartments in basements and cellars of certain one- and two-family dwellings.”
 
The legislation requires the city’s Department of Buildings to modify existing codes for basement units to give homeowners more clear guidelines on livable housing standard, while the city’s Department of Housing Preservation and Development would be able to also provide subsidies to homeowners who want to participate in the pilot. Mayor Bill de Blasio set aside $11.7 million for a pilot program in the East New York section of Brooklyn, which is notable for a not-secret surplus of illegal basement housing units.
 
“In East New York, I can comfortably estimate that over 75 percent of the basements are being rented illegally, so this will help homeowners by providing an avenue for income, while helping tenants by providing an affordable and safe place to live,” said Rafael Espinal, one of the bill’s co-authors.

 
About the author
Published
Jun 29, 2018
Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Jun 18, 2026
Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Jun 18, 2026
Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Jun 17, 2026
Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power

Jun 16, 2026
Trump Taps Former CFPB Deputy Brian Johnson To Lead Bureau

MBA backs the nomination as lenders await clarity on the future direction of consumer finance regulation under the Trump administration

Jun 12, 2026
Trump Names FHFA Director Bill Pulte Acting Director Of National Intelligence

FHFA director will continue overseeing Fannie Mae and Freddie Mac while serving as acting director of national intelligence

Jun 02, 2026