Through the innovative housing model, the city’s Interboro CLT will create a pipeline of permanently affordable units from which residents can start to build wealth.
New York City’s housing crisis has been ongoing for so many years–and become even more rampant in the decade since the financial crash–that finding a solution can often feel impossible, despite Mayor Bill de Blasio’s focus on doing so. Rent-stabilized apartments are disappearing at an alarming rate; developers aren’t building enough new affordable units, claiming the lower rents will accrue too slowly to recuperate the costs. And market-rate housing values are rising so steeply that the traditional way of determining affordability—linking the cost to a fraction, usually 40%, of the market rate—renders those units still far too expensive for low-income New Yorkers to afford, both as renters, but especially as owners. In 2014, only 9% of the homes on the market were affordable to the 51% of New Yorkers earning less than $55,000 per year.