Mamdani's proposal for affordable NYC housing?

[Greg Scott]

I read this article today.  On the surface, creating 12,000 new apartments/houses sounds like a fantastic idea.  I poked around and haven't seen any journalist do the math.  A $21B development that generates 12,000 new living units means you spent $1.75M per unit. 

That is an absolutely insane amount of spending per unit, especially if they are designed to be affordable.  If that $1.75M was a loan amortized over 30 years, you would need to make payments of over $10K per month!

This is communist math, pure and simple.