MNEDC NEWS

Why many Manhattan renters are ‘at their breaking point’

CRISTABELLE TUMOLA

“There remains a disconnect between what tenants can afford to pay, and what landlords believe tenants can afford to pay.”

A newly released report found that despite a slight decline in rents across the board in Manhattan and increases in landlord incentives, there is still a disconnect between what landlords are offering and what tenants can afford to pay.

Citi Habitats released its Rental Market Analysis for November 2016 Thursday, showing that the borough’s vacancy rose to 2.11 percent — the highest rate in more than seven years.

On average, apartments in the borough rented for $3,490 in November 2016, $8 less than the previous month. This decrease came to a 1 percent dip in all size units, from studios to three-bedrooms. But on a year-to-year comparison, rents increased by $26.

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NYC program provides financial incentive to house the homeless

AMANDA MIKELBERG

“Home for the Holidays” seeks to ease the heavy burden on the shelter system.

Open your heart and home to the less fortunate and you will be rewarded — by New York City.

Applications are being accepted through the end of December for a program called, “Home for the Holidays,” which provides up to $1,800 a month to the friends and relatives of homeless families who take them in.

The goal is to bring 5,000 qualifying families out of the city’s perpetually overburdened homeless shelters, where about 60,000 people — 24,000 of them children — now sleep each night.

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New NYC Nonprofit Aims To Shake Up Affordable Housing

Scott Klocksin, Bisnow
New NYC Nonprofit Aims To Shake Up Affordable HousingA new organization will seek to upset the affordable housing food chain by creating an ownership pool of thousands of units, becoming one of the biggest organizations involved in the ownership of affordable housing. The Joint Equity Ownership Entity, also called JOE NYC, plans to officially launch this spring, taking ownership of 3,000 affordable units in about 50 developments, Crain’s New York Business reports.

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Nearly 900 affordable housing program apartments sit vacant

Nearly 900 affordable housing program apartments sit vacantThe city has left nearly 900 apartments vacant in one of its affordable-housing programs — a situation that Mayor de Blasio said on Thursday leaves him “perplexed.”

Of the 2,322 apartments in the Tenant Interim Lease program, 38 percent — or 884 — are unoccupied, according to a report by Public Advocate Letitia James.

Some tenants sent packing for renovations are still waiting to get back a decade or more later.

“I am perplexed,” de Blasio said of the astonishing time frame. “We’ve gotta break through that and get these things finished and get people in a better circumstance in those buildings.”

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Local Nonprofit To Join BFC Partners As Co-Developer On Bedford Union Armory Project

 Scott Klocksin, Bisnow

Local Nonprofit To Join BFC Partners As Co-Developer On Bedford Union Armory ProjectThe Local Development Corporation of Crown Heights, a neighborhood nonprofit, will join BFC Partners as a co-developer of the Bedford Union Armory mixed-use development. The LDCCH will help create a new affordable housing fund to advocate for tenants and provide housing education throughout the neighborhood, according to a press release. The development hit a snag in January, when opposition from community groups demanding more local input and affordable housing prompted Mayor Bill de Blasio’s office to cancel a public hearing on how the project should go forward.

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