DetectiveMoron t1_j76jcc2 wrote on February 4, 2023 at 1:36 PM

Reply to comment by queensnyatty in NYCHA has 6,000 vacant units as it struggles to quickly make repairs by drpvn

Use what money? Those are tax exemptions that make those projects feasible. Let’s say the city exempts $50 million in those taxes to create that housing. If you take away the tax exemption, it doesn’t suddenly have an extra $50 million. It’s also not enough. NYCHA needs like $40 billion with a B.

TeamMisha t1_j77ka6m wrote on February 4, 2023 at 6:03 PM

While the other poster misunderstood the abatement concept, he gets at an interesting point. I can't find how much taxes in total since the inception of 421a have been abated, but it could be interesting to compare that number and see what could have been done with the money over the years. Would more housing units have been able to be built by the government instead? I.e. if we stopped this abatement and just directly build subsidized housing with the future tax revenue that would have been abated (ideally better than NYCHA, in my dreams...) would we have more or less affordable style housing?

Chipper323139 t1_j7b79x9 wrote on February 5, 2023 at 2:27 PM

Government is doing a bang up job of being a landlord, let’s expand the program…