City leaders and lawmakers say thousands of public housing residents in New York City who have been forced to live with leaks, mold, broken elevators, and busted boilers may finally see better living conditions in what could amount to a fundamental shift in how public housing is funded in the city. — Gothamist
Last Thursday, the state Legislature passed a bill that would allow the New York City Housing Authority (NYCHA) to establish a public-benefit corporation that could raise billions for much-needed renovations across 25,000 apartments. Called the Public Housing Preservation Trust, the entity would allow NYCHA to issue bonds and borrow money from private investors to pay for repairs. Under the program, the Authority would move away from direct federal subsidies, converting housing units from public housing under Section 9 of the U.S. Housing Act to the voucher-based system known as Section 8 that allows access to additional federal funding. Through Section 8, eligible low- and moderate-income families are provided assistance to rent housing in the private market.
Many tenants and some legislators oppose the plan, however, citing concerns that the legislation could threaten certain protections NYCHA residents have, such as the right to an administrative hearing before a proposed eviction and the ability to pass an apartment down to the next generation. There is also the fear of potential financial troubles if the trust can’t pay back its loans in the future. While this move has its risks, proponents of the plan say the NYCHA has little choice but to pursue funding where it’s available, given federal budget cuts in recent decades.
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There should be ways for residents to invest in ownership as well, but public housing is so broken that they can only invest in drugs.
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