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Some Pick at Math in Housing Strategy
March 26, 2015
Housing experts say mayor’s plan won’t work in cheaper areas without subsidies
In many neighborhoods, Mayor Bill de Blasio’s plan to spur construction of affordable apartments by allowing developers to build towers may face an unusual problem in New York City: The rent is too low.
City Hall plans to let developers build taller towers in 15 neighborhoods to jump-start affordable housing. But housing experts said that’s unlikely to happen without city money in many of the cheaper neighborhoods the administration has picked so far, such as East New York, East Harlem and Cromwell-Jerome in the Bronx.