A month after a report concluded the city’s housing vacancy rate had dropped to a historic low, the Adams administration announced it would partner with a construction union and a real estate firm to raise upward of $400 million to build affordable housing for the working class.
The public-private initiative will be initially bankrolled by $100 million in pension funds from 11 unions affiliated with the Building and Construction Trades Council of Greater New York. The real estate investment management firm Cirrus is expected to raise the balance, according to the mayor’s announcement.
This item is available in full to subscribers.
We have recently launched a new and improved website. To continue reading, you will need to either log into your subscriber account, or purchase a new subscription.
If you have an active digital subscription, then you already have an account here. Just reset your password, if you've not yet logged in to your account on this new site.
If you are a current print-only subscriber, and want access to our website,click here to view your options for changing you subscription level.
Otherwise, click here to view your options for subscribing.
Please log in to continue |
