NYC For All: The Housing We Need · 88.6%. SOURCE: Office of the Comptroller from Census Bureau...
Transcript of NYC For All: The Housing We Need · 88.6%. SOURCE: Office of the Comptroller from Census Bureau...
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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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 2
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 3
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 4
The Housing We Need: Outline
The Need
1
The Solution
2
The Resources
3
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 5
The NeedMeasuring the Need for Affordable Housing
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 6
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 7
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%
SOURCE: Office of the Comptroller from Census Bureau microdata, for 2009-2017
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 8
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
SOURCE: Office of the Comptroller from Census Bureau microdata, for 2009-2017
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 9
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 10
Housing New York 2.0
31,500 43,500
166,500
30,000 28,500 -
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 Uni
ts
300,000 Planned Units by Income Range
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 11
31,500 43,500
166,500
30,000 28,500 -
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 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
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 Uni
tsHousing NY Plan Is Not Aligned with the Need
Housing Plan
Households in Need
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 12
The SolutionAlign Resources with the Need
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 13
Align Resources with the Need
Build for deeper, longer-term affordability
Reduce the shelter population
Identify new resources
1
2
3
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 14
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 15
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 16
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 17
The ResourcesFairer Taxation of Home Purchases
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 18
Home Buyers with a Mortgage are Penalized Today
Purchase Price$550,000
All-Cash Buyer Buyer with Mortgage(80% Financing)
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 19
The Wealthy Pay Cash
In 2016:• 80% of Manhattan condos • 90% of Manhattan townhouses • priced over $5 million • sold for all cash
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 20
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 21
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 22
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
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NEW YORK CITY COMPTROLLER SCOTT M. STRINGER 23
NYC For All:The Housing We Need
A Plan for Affordable Housing for New York City’s Working Families