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Market Update Monday: More Affordable Units

Uncategorized // Jul 06, 2015

AndresNietoPorras

Mayor Bill de Blasio’s administration is promising 1,200 affordable apartments in East New York within the next two years. The city’s pledge, stated at last Wednesday’s Brooklyn planning meeting, will consist of affordable units funded by city and state programs on both public and privately owned land. Over three quarters of the rental units will be geared towards families making less than 60 percent of the area’s average income. The plan will also include a new 1,000-seat school. This comes as a response to community feedback to rezone a 100-block area in East New York. According to plans released by the city, this rezoning could add over 7,000 housing units by 2030. The plan for more housing will ultimately improve streetscapes while also creating more value for property owners in the process.

Photo credit: Andres Nieto Porras