Title: Why is it so hard to build affordable housing in New York? I need one page outline and 3 pages final paper Instructions.docx

Title: Why is it so hard to build affordable housing in New York?

My chosen NY State is Michelle Hinchey who is the NYS senate and she represents NY Senate District 46.

My chosen NY State Assembly Representative is Jennifer Rajkumar who is the NY State Assembly Representative and she represents Assembly District 38.

Outline Instructions:

Submit a strong thesis statement for your paper and an outline of your paper.  Here are two resources to help you

Your outline should indicate how your paper topic is related to economics. 

How will your paper examine the economic costs (including opportunity costs) and benefits of your topic?

How could New York State policies on your topic effect the economy?

What are the positions of your elected representatives, in the Assembly and New York State Senate on your topic?

Full Paper Instructions

3 pages paper. In addition, there should be bibliography page. 

Format of Paper:

Title: The title should be concise statement of the subject of the paper.

Introduction:

1. State the topic you researched for the paper in a succinct declarative sentence identifying the topic you researched.

2. Convince your reader that the study will be based upon concepts studied in the course.  Give an economic rationale why your topic is important and related to NY State legislative control.

Discussion, Implications and Recommendations:

· Provide a logical discussion to prove to your reader that you understand the implications of your study. Use economic analysis in discussing your topic.

· Include only pertinent information you have researched on the topic and implications.

· What are the NY State policies that are being proposed or put into action to address the economic topic you researched?     

· If you were in a position to make recommendations, what would they be? 

· Write about your findings from your NY State legislators (in Assembly and NY State Senate) you researched or/and interviewed.

USEFUL NOTES

Why is it so hard to build affordable housing in New York?

Introduction

Affordable housing is a major problem in New York City. The lack of affordable housing has been going on for more than a century, but there are many ways that the city tries to solve this problem.

The lack of affordable housing in New York City is a major problem that dates back more than a century.

The city government has tried to solve this problem in many different ways, but none have been successful enough to make much of an impact on the overall shortage of affordable housing in New York City.

The first way they tried was through zoning laws and restrictions placed on developers during the 1920s and 1930s. This led to new developments being built far away from downtown areas such as Harlem or Turtle Bay Village that were popular with African Americans because they didn’t want their neighborhoods polluted by industry or pollution from nearby factories (which often spewed black smoke). The reason why these neighborhoods became so expensive was because developers weren’t allowed near them due to zoning laws which meant there weren’t any places left for them

Taxpayer money has been used to build affordable housing on land owned by other agencies and authorities.

This is a common practice in New York City, where the state government owns many large pieces of property that have been used for affordable housing projects. In some cases, the city uses its own funds or private capital to buy land from other agencies and authorities. For example, when it acquired more than 3 million square feet of space at 125th Street in Harlem for its Community Renewal Program (CRP), the program received $40 million from the state budget through a capital budget line item called “revenue sharing” or “funding.” As a result, CRP gained access to public financing from New York State through this process even though it was unable to demonstrate how it would use these funds effectively on behalf of low-income residents who were affected by displacement due its redevelopment efforts—which included demolishing dozens upon dozens of buildings throughout Harlem’s historic district along 125th Street over several years.*

Preservation is another common strategy the city uses to incentivize developers to create affordable housing.

Preservation can be done in many ways, including landmarking buildings that are historic or significant and increasing density in areas with high concentrations of affordable housing. Some cities have also used tax incentives, such as a reduction in property taxes for new units, which incentivizes developers to build more affordable housing because they’ll make more money when they sell their properties later on down the road. Another way preservation works is through affordable housing requirements: if your building has five or fewer stories, then it must include 10% dedicated for low-income residents (this applies only for projects within a certain radius).

One challenge is that the government doesn’t have enough money to move forward with these development projects.

Because of this, they often find themselves in a situation where they need private developers to be involved. But it’s not easy for private developers to get involved when there are no incentives or tax breaks offered by local governments.

To help solve this problem, New York City has created its own incentive program called 421-a that allows developers who include affordable housing units in their buildings receive more favorable financial terms from lenders and investors (including banks) than other building types like condos or offices do

There are many ways that New York City tries to fund and construct new affordable housing.

Tax incentives: One of the most common ways in which governments try to generate revenue is through tax-break programs, such as homeowners’ or renters’ taxes on real estate transactions. These programs give citizens a way of reducing their income taxes by investing in certain types of businesses or properties. For instance, if you own a house worth $1 million and want to turn it into an apartment building with 20 units that are affordable for families earning less than 80% AMI (that means about $34,000 for a family) then your local government may offer you up to $100 per unit as long as it meets certain qualifications—like having other affordable housing on site like Mitchell-Lama conversions or traditional coops where residents must pay half their income toward rent each month; this allows them access but still maintain some equity in their home while paying off loans associated with construction costs over time).

Land trusts: Land trusts are nonprofit organizations set up specifically for this purpose—they buy land cheaply from developers who build homes on top while keeping them affordable by charging lower rents than market rate prices would allow them too! That way nobody needs financial assistance when they move into these homes because there’s no profit margin left over after all expenses have been accounted for; instead everyone gets treated equally regardless of race/ethnicity etcetera

Conclusion

New York City has a lot of work to do in order to build affordable housing. That’s why we need elected officials and bureaucrats who care about this issue and want to make it happen. We also need people who are willing to take risks, like developers who want to build more affordable housing. But for now, we will continue trying different strategies so that one day soon this city can be home for all its residents.