ALBANY BOOSTS NYCHA
Restructure could bring flood of federal funds
ALBANY — Lawmakers approved a restructuring of the city’s embattled Housing Authority on Thursday, creating a public trust that could unlock federal funds and borrowing power for much-needed repairs.
The measure adopted on the final day of the legislative session allows NYCHA to transfer 25,000 apartments into a publicly owned trust with the ability to issue bonds and borrow money to cover capital repairs.
“This is a major win for New Yorkers who call NYCHA home,” Gov. Hochul said in a statement. “This legislation has the power to unlock additional federal funding and lead to billions of dollars in renovations — after decades of federal disinvestment — and provide for critical improvements at developments across the city.”
Mayor Adams also applauded the passage of the bill, saying that it will enable the city to “offer NYCHA residents the dignity and safe, high-quality, affordable homes they deserve.”
NYCHA, which is already being overseen by a federal monitor, has been plagued by problems as buildings and apartments have fallen into disrepair. Tenants have been forced to contend with failing boilers, lead paint and mold for decades.
Meanwhile, tenant advocates and developers alike were left disappointed with the final days of the legislative session in Albany.
Lawmakers allowed a controversial tax credit for real estate developers meant to incentivize the building of affordable housing to expire.
The abatement, known as 421-a, previously lapsed for several months in 2016 before being eventually being renewed by lawmakers.
Hochul said last week that replacing or renewing the program remains a priority and she would like to revisit the issue next January when lawmakers are scheduled to return to the Capitol.
Tenant groups and progressive lawmakers were also left frustrated after along-sought ‘good cause’ eviction bill failed to make it across the finish line.
The popular measure, first introduced in 2019, would restrict rent increases to either 3% or 1.5 times the inflation rate, whichever is higher. It would also prevent landlords from denying lease renewals to tenants who have consistently abided by the terms of their leases.
Landlords would also mostly be prevented from removing a renter without an order from a judge, even if their lease has expired or they never had a lease, and must have “good cause” for seeking an eviction.
Cea Weaver, campaign coordinator with Housing Justice for All, called the lack of movement on the bill a “moral failure.”
“The struggle to stop evictions and rent hikes is up to us — the tenants who make New York whole,” Weaver said. “We will keep reminding lawmakers every day of the people they left behind.
“Good Cause will become a reality, and when it does, we won’t forget those who looked away and stayed silent instead of taking action,” she added.