Politicians talk about housing but do little to help. I know! I am a NYCHA resident. We endure mold, broken elevators and frequent loss of hot water and heat. I will bring Federal funding for repairs.
Expand Housing. Housing is in crisis. It costs more to live here than in most other urban areas in the U.S. New Yorkers’ wages have been stagnant over the past decade, and yet monthly expenses rise without mercy. Housing costs have escalated for all income brackets. That’s why we have to expand and upgrade New York City’s housing stock to meet our growing population demands. We have to concentrate on moderately priced housing because the middle class has been hit the hardest.
25% Income Rent Cap. One proposal I offer is a program guaranteeing low income families with income up to $47,000, about the average NYCHA income, will pay 25% of income for rent but never more. The rest will be subsidized by the government. This will be an important component of creating affordable housing without onerous rent control rules that harm or bankrupt building owners.
Oligarch Tax. Midtown Manhattan is filled with luxury high-rise buildings that are empty almost all year. This is some lousy way for a city government to handle the housing shortage. I propose a heavy tax on the super rich, and they can certainly afford it. A 10% tax of the purchase price. And a 20% tax on their yearly rental. The money gained will be used to subsidize rent for the needy in New York. If it has a tempering affect on rich people moving here, so what. They are here so little, what does it matter?
End Subsidies for Rich. With an increasing population and a diminishing affordable housing supply, New York is facing a huge crisis. Even though new housing has been built over the last two decades, it is mostly at the upper end of the spectrum. New York is unique in that a large portion of housing is sold to non-New-Yorkers who live here only part-time. About 40% of apartments have been purchased by foreigners in recent years. That’s not counting US citizens buying apartments in New York or New Yorkers buying multiple apartments and combining them into one.
If a developer builds a 200-unit luxury apartment building and 60% of the units are bought by foreigners, then that leaves 80 units for US citizens. This is why we have to end all subsidies to luxury building development and direct all tax breaks and other government assistance to building only affordable housing for moderate-income and low-income families.