The de Blasio administration’s newly-issued NYCHA 2.0 plan aims to provide about $24 billion to address badly-needed repairs to the city’s aging public housing stock. However, a report from the Regional Plan Association (RPA) says the New York City Housing Authority’s actual capital requirements are more than $45 billion.
“Our public housing has now reached an unprecedented state of crisis,” according to RPA’s report. “While both the city and the state have recognized the seriousness of the situation and begun taking real and meaningful steps to address it… all stakeholders have recognized that much more will be needed to return and keep New York’s public housing in a safe, healthy and stable condition.”
Expensive as fixing NYCHA’s 176,000 apartments would be, not doing so would cost even more, RPA warned. It cited a loss of 20,000 workforce residents and of $1 billion in annual economic activity, among other consequences.
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