nyc for all: the housing we need · 88.6%. source: office of the comptroller from census bureau...

NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 1

NYC For All:The Housing We Need

A Plan for Affordable Housing for New York City’s Working Families


Facing the Challenge: A History of Success

1930’sBuilt the first public housing

1960’sBuilt middle-class housing

1980’sRebuilt neighborhoods and

reduced homelessness

Photos by The NYC Municipal Archives


Today’s Challenge

Since 2009:

• +500,000 new residents

• But only 100,000 new units of housing

• Rents have risen 24%

• While wages have stagnated

SOURCE: Office of the Comptroller from Census Bureau microdata, for 2009-2017


The Housing We Need: Outline

The Need

1

The Solution

2

The Resources

3


The NeedMeasuring the Need for Affordable Housing


Measuring Today’s Need

Rent Burdened Pay more than 50% of monthly income for rent

Overcrowded Have more than 1.5 persons per room

Long-term Shelter In a homeless shelter for more than one year


396,250

118,343

40,10419,158 7,895

-

100,000

200,000

300,000

400,000

Extremely Low Income: ≤$28,170

Very Low Income: ≤$46,950

Low Income: ≤$75,120

Moderate Income: ≤$112,680

Middle Income: ≤$154,935

Num

ber o

f Hou

seho

lds

Over 580,000 NYC Households Face Housing Stress

515,00088.6%



Who are these New Yorkers?Ten most common occupations of ELI/VLI Households

Home Health Aides Cashiers Janitors and Building Cleaners

Childcare Workers Retail Salespersons

Taxi Drivers and Chauffeurs

Housekeeping Construction Laborers Cooks Waiters



What do we know about these New Yorkers?

$20,700 $1,100 50.3% 14.3%Median

Household Income

Median Rent

Percentage with Children in Household

Percentage Uninsured

NOTE: Figures for all extremely/very low-income households.SOURCE: Office of the Comptroller from Census Bureau microdata, for 2009-2017


Housing New York 2.0

31,500 43,500

166,500

30,000 28,500 -

100,000

200,000

300,000

400,000






Num

ber o

f Uni

ts

300,000 Planned Units by Income Range


31,500 43,500

166,500

30,000 28,500 -

100,000

200,000

300,000

400,000






Num

ber o

f Uni

ts

396,250

118,343

40,104 19,158 7,895 31,500 43,500

166,500

30,000 28,500 -

100,000

200,000

300,000

400,000






Num

ber o

f Uni

tsHousing NY Plan Is Not Aligned with the Need

Housing Plan

Households in Need


The SolutionAlign Resources with the Need


Align Resources with the Need

Build for deeper, longer-term affordability

Reduce the shelter population

Identify new resources

1

2

3


Deeper, Long-Term Affordability

$370MAnnual increase in capital budget

for 85,000 units for extremely and very low-income households

Up to $125M annuallyfor operating subsidies to

deepen and maintain affordability

~60% increase in HPD new construction capital budget

~$200/month for up to 40,000 units


Land Bank/Land Trust for Permanently Affordable Housing

• At least 600 vacant City-owned properties

• At least 20,000 units of permanently affordable housing

• Create a NYC Land Bank/Trust today


Triple the Homeless Set-Aside

• HNY 2.0 Goal: 5% set aside for homeless

• As of Nov. 2017: Just over 1% for homeless families

Triple the set-aside to 15%

New construction

Meet the target every year


The ResourcesFairer Taxation of Home Purchases


Home Buyers with a Mortgage are Penalized Today

Purchase Price$550,000

All-Cash Buyer Buyer with Mortgage(80% Financing)


The Wealthy Pay Cash

In 2016:• 80% of Manhattan condos • 90% of Manhattan townhouses • priced over $5 million • sold for all cash


Reform the Real Property Transfer Tax

0.0%

2.0%

4.0%

6.0%

8.0%

< $500k $500k+ $1m+ $2m+ $5m+ $10m+

Tax

Rat

e

Purchase Price

NOTE: Current Law includes combined RPTT & MRT. Rates are combined City and State.Proposed RPTT

Current Law: 80% Financed

Current Law: All Cash

0.0%

2.0%

4.0%

6.0%

8.0%

< $500k $500k+ $1m+ $2m+ $5m+ $10m+

Tax

Rat

e

Purchase Price

Average Savings

$5,757


Proposed RPTT Would Raise Up to $400M Annually

New resources to build for deeper, longer-term affordability

Debt service on $370MAnnual increase in capital budget

Up to $125M annuallyOperating subsidies


New RPTT Rates Would Be Competitive

8%

15% 15%

25% 25%

0%

5%

10%

15%

20%

25%

30%Top Rates

RPTT Proposal Hong Kong London Vancouver Singapore


NYC For All:The Housing We Need

A Plan for Affordable Housing for New York City’s Working Families

nyc for all: the housing we need · 88.6%. source: office of the comptroller from census bureau...

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