As the mayoral election approaches and the legislative session ends, urgent housing issues arise amid a 1.4% vacancy rate. The debate centers on how to address the housing shortage, with notable candidates proposing various plans. Sen. Zellnor Myrie's plan is recognized as the boldest, while Comptroller Brad Lander offers a comprehensive approach. The failure of the multifamily development tax break 485x is a growing concern, threatening future development. Meanwhile, Assembly member Zohran Mamdaniâs impractical socialist housing proposal raises skepticism about feasible solutions to the housing market crisis.
The city's record-low vacancy rate is a plus for owners of free-market rentals because low vacancy pushes rents up, but it's a problem for nearly everyone else.
All major mayoral candidates want to build hundreds of thousands of units, with Sen. Zellnor Myrie having the boldest plan and Comptroller Brad Lander offering the most comprehensive.
The failure of the multifamily development tax break 485x is detrimental for developers and many who rely on multifamily projects, yet currently, there's little concern.
Assembly member Zohran Mamdani proposed a socialist housing plan that includes fantastical promises such as building 20,000 union-built units and offering free trips to Vienna for tenants.
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