Affordable housing in New York City may completely disappear if something is not done about it, analysts warn. One commentator suggests that New York City Mayor Michael Bloomberg was not thorough enough in his plans for affordable housing. Per The New York Times:
Starting in 2017, the city will begin losing an average of 8,500 affordable units each year because of expiring short-term affordability limits. The city cannot continue to give developments public financing, zoning or tax incentives if they do not produce permanently affordable units. We should return to the Koch model of working with community-based nonprofit developers who achieve long-term affordability and provide the greatest neighborhood benefit.
