Gov. Hochul Signs Bill Creating Public Trust to Oversee Refurbishment of NYCHA Apartments

The governor of NY recently signed a bill in order to address the dire situation of many of NYCHA’s apartments as it is estimated that they need ~$40 Billion in repairs and maintenance. The ultimate goal of this trust is to refurbish and construct/purchase roughly 25,000 units, and they would do so through both public and private investments, but ultimately, NYCHA would oversee and be responsible for the apartments. Many people are concerned that these renovations could lead to unjust evictions and very expensive renovations that don’t lead to improvements of equal value, however, others argue that these quality of life improvements are necessary and urgent. In fact, a group of tenant association leaders known as the “Citywide Council of Presidents” voted against the creation of the trust in a 9-1 vote. While tenants would have some say in certain aspects such as who they would contract for the renovations and what the changes would look like, many tenants are concerned that the federal government could cease funding at any time, thereby throwing the plans into chaos. Interestingly, while this will likely lead to an increase in property value, tenants’ rent will still remain capped at 30% of their income. Finally, even though the trust will be publicly run, certain properties will be privately managed which will likely lead to many disputes of tenant/landlord rights.

Questions on how this might affect you? Call us today at: (718)-554-6445

Source: https://www.brownstoner.com/real-estate-market/nycha-preservation-trust-affordable-housing-repairs-bonds-new-york-state-assembly/