City Demanding More Affordability in Apartment Projects
February 28, 2022
February 28, 2022
Ken Fisher discusses New York City’s Mandatory Inclusionary Housing as the “option 2” affordability tier is at risk of being eliminated from the program in The Real Deal.
Passed in 2016, the Mandatory Inclusionary Housing (MIH) program provides developers with flexibility. Affordable housing tiers allowed for a more inclusive approach in contrast to a one-size-fits-all policy that would result in economic controversy regarding the locations of unsubsidized housing. Statistics show that the removal of option 2 has been a trend in numerous recent projects.
“The idea of options was written into MIH to account for local preferences, but we’re at a point in time where the focus has been on people on the lower end of the economic spectrum. There is a lot of political pressure to make the income restriction as low as possible,” Ken stated.
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