New York City housing is getting the boosts it needs
With the housing crisis rightly a top concern of New Yorkers, some hard-won improvements are yielding their promised advancements. Over in the Nostrand Houses in Sheepshead Bay, City Hall and NYCHA have announced a cash injection of $607 million for repairs and improvements, courtesy of the Housing Preservation Trust. We hope residents elsewhere take heed.
Getting here has taken a while. First, four years ago, the Legislature in Albany and Gov. Hochul had to pass a law allowing for a trust structure to unlock new federal funding streams. Then individual NYCHA developments had to vote on the option of remaining in the current system or choosing the trust or selecting a third way, known as the PACT (Permanent Affordability Commitment Together), using private and nonprofit developers to finance major repairs and upgrades.
Nostrand went first and the residents favored the........
