Affordable Housing

Click here to download a PDF of Bill's full housing plan, "Real Solutions to the Housing Crisis."

A Champion of Affordable Housing for All New Yorkers

Bill Thompson is a staunch supporter of affordable housing. Bill knows that working New Yorkers are the backbone of our City. Recognizing that the City's housing crisis is forcing hardworking New Yorkers out of the five boroughs, Bill Thompson has led the way in preserving and expanding affordable housing.

As Comptroller, Bill:

• Made unprecedented financial investments in low-cost housing by teaming with multiple investors and using City pension money to finance the preservation and construction of thousands of units of affordable housing.

• Dramatically increased the role of the Economically Targeted Investments program (ETI) in housing programs Citywide, investing more money through the program than had been invested in the twenty years prior to his tenure. The impact of this activity is unprecedented, with more than 26,000 affordable housing units being created or rehabilitated.

• Called on Mayor Bloomberg to develop affordable housing production goals on a targeted neighborhood basis, focusing especially on those neighborhoods most likely to lose Mitchell-Lama and Limited Dividend housing in the coming years.

• Focused on building affordable new developments as well as preserving and rehabilitating existing units by supporting legislation to deter the loss of subsidized Mitchell-Lama and Limited Dividend housing.

• Demanded that New York State enact legislation to place under rent stabilization all post-1974 Mitchell-Lama housing developments that leave the program.

• Established real estate investment principles for our City's pension funds, including an "opt out" clause that allows the City to reject deals that may negatively impact affordable housing.

• Called on the Rent Guidelines Board to implement a rent-freeze for New Yorkers living in rent regulated apartments.

• Demanded that the State repeal the Urstadt Law and return control over City rent laws to New York City residents and elected officials.

• Demanded that the State repeal Vacancy Decontrol, which allows landlords to charge market based rents once a regulated apartment's rent is over $2,000 a month and it becomes vacant.

• Established a Foreclosure Prevention Helpline at (212)-669-4600, helping more than 2,200 New Yorkers take their first step toward keeping their homes.

• Partnered with clergy and labor leaders to launch the "Save Our Homes" initiative, a program designed to reach out to overlooked communities and raise awareness about steps people can take to save their homes.

• Co-sponsored "Operation Protect Your Home," a Citywide initiative giving thousands of New York homeowners the ability to have their loans reviewed by bank and mortgage servicing company representatives.

• Fought against State raids into the Battery Park City Authority fund, a fund specifically established to build affordable housing in New York City. The State sought to borrow against the fund's $270 million dollars, which would have resulted in 20 to 30 years worth of $20 million dollar yearly reductions in funds originally set aside to create affordable New York City housing.

As Mayor, Bill will:

• Lead the fight to repeal the State Urstadt Law and return control of the City's rent laws to New York City residents.

• Work with the State Legislature to repeal vacancy decontrol, to reform the Major Capital Improvement rent increase law and to reduce the statutory vacancy bonus.

• Appoint members to the New York City Rent Guidelines Board who understand that it is their responsibility to keep rents affordable. They will take into account not only owners' costs and expenses but tenants' incomes as well.

• Support enactment of the Rent Guidelines Board Reform Act.

• Work for enactment of legislation placing under rent stabilization all post-1973 Mitchell-Lama housing developments.

• Create a "21st Century Mitchell-Lama" program that focuses public resources on ensuring that our affordable housing stock remains affordable. The continued affordability of tens of thousands of apartments in overleveraged rent-regulated buildings, Mitchell-Lama developments, federal Section 8 buildings, housing built with low-income housing tax credits and through other affordable housing programs is endangered. A concerted, coordinated effort is needed to make this housing permanently affordable to low- , moderate- and middle-income families.

• Work in partnership with our City's labor unions to develop workforce-specific housing to ensure that our economy has the local workforce it needs and working New Yorkers can afford to live here.

• Require that housing for City employees be included in RFP's for development of City-owned land.