NY Mayor Bloomberg updates housing plan to benefit 500,000 New Yorkers
February 23rd, 2010 - 1:56 am ICT by BNO NewsNEW YORK CITY (BNO NEWS) – New York’s New Housing Marketplace, originally unveiled in 2002, was updated in order to overcome the collapse of the housing market in the last two years, Mayor Michael Bloomberg announced on Monday.
At a conference at NYU’s Furman Center for Real Estate and Urban Policy, Mayor Bloomberg presented the goals for the near future regarding the New Housing Marketplace Plan. The N.Y. government is compromised to build and preserve 165,000 units of housing, enough for half a million citizens by 2014.
“We’re not cutting back. We’re not turning back. We’re still on course to hit our affordable housing targets on time. To meet our aggressive goals in spite of these conditions, we are pumping $1 billion more into the New Housing Marketplace Plan, raising the total investment to $8.5 billion,” Mayor Bloomberg said.
Mr. Bloomberg pointed out four basic steps in order to reach the plan’s objective. Such four elements consist in exploiting private market forces, combating residential foreclosures, employing financial management, and capitalizing on the combined talents and resources of government agencies and our private and non-profit partners.
“We’re going to use those strategies to lock in affordability in housing – for terms of at least 30 years, and in some cases longer – throughout the city, for more and more New Yorkers.”
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