With increasing levels of homelessness in New York City and rapid population growth, housing New York City residents has become a key issue. Constant policy changes are being taken place under the current administration, mainly DiBlasio's eight-point plan, "Foundation for an Affordable City." Like any densely populated city, New York's wealthy are able to enjoy the luxuries of the city, while the working class are barely able to pay their rent. "However, no other city in the country has rental levels as high as New York." (DiBlasio 8-Point Plan) While rental prices are increasing, income levels have remained the same, if not decreasing in recent years. In New York City, median rental levels went up approximately by $1,450, while the median income went down by approximately $560. (Coalition for the Homeless) These disparities call the need for better and efficient affordable housing policies.
Under Bloomberg's administration in 2004, the New Housing Marketplace Plan was created to address the affordable housing shortage in New York City. It was able to create approximately 105,000 units and preserve 86,000 in addition, by spending over $750 million per year. (Coalition for the Homeless) DiBlasio's current eight point plan; however, would create and/or preserve 190,000 units of affordable housing in the span of eight years. (DiBlasio 8-Point Plan).
DiBlasio's extensive, but thorough eight point plan provides solutions to the affordable housing crisis, some of which I will discuss in this paper: higher taxation on vacant property, investing more in housing trust funds, and creating programs which provide housing (or built-in funding) to low-income individuals as part of their job benefits. To reshape New York City's affordable housing crisis, we must first examine each solution's mechanisms, influence, arguments, and organizational support.
Higher Taxation .
Taxation is not only necessary, but a useful means to fund a variety of government programs such as: healthcare, education, social security, public housing, etc The higher the amount of taxes the city collect, the higher the allotment will be towards affordable housing.
