Diversity, Tolerance And Success In The Global Economy

Next year a zoning change will be proposed to permit luxury apartment development in exchange for a significant set aside of “affordable” housing units. Under the proposal, 25% of the units built will be “affordable”. Luxury units will carry rents over $5,000 a month while affordable apartments will rent for $900 a month. These numbers will probably change in the coming years, but in an era when no new public housing is being built, the only way to maintain an economically diverse city is to have wealthier residents directly subsidize the housing of less well-off residents. Some would argue that New York’s housing market has been distorted by subsidies, and that may well be true, but deregulating this city’s housing market is politically infeasible. As a matter of public policy, New York City’s objective of maintaining economic, racial, national and ethnic diversity is an important goal, supported by most New Yorkers.

Article source: https://www.huffingtonpost.com/entry/diversity-tolerance-and-success-in-the-global-economy_us_59e4a281e4b02e99c5835826?utm_hp_ref=new-york-city