An Innovative Solution for Unaffordable Housing

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The New York Daily News discusses a creative solution for dealing with the lack of affordable housing in New York’s Queens. “The City Council last week unanimously approved an innovative plan proposed by Councilman Eric Gioia (D-Queens) to build more affordable middle-class housing in the city. And even more surprising, it won’t cost you, the taxpayer, another dime.”

“According to Gioia’s (a representative from the Queens Borough) office, more than 16,000 new housing units were built in the past decade in that borough, yet the vacancy rate is the lowest in New York, at less than 2%.”

“His plan calls for building middle-class housing in a 20-block area along Queens Blvd. in Woodside, where there are no literally housing options right now. The area is currently populated primarily by parking and used-car lots.”

“As was said before, the plan will not cost taxpayers a dime. The incentive for the builders is “density,” Gioia stated. That is, they would be allowed to build higher, as long as 20% of the apartments are reserved for families making up to $56,000 a year.”

The goal would be to duplicate this idea around the city if it turns out to be successful.

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Joshua Dorkin

Joshua Dorkin (@jrdorkin, Google+) founded when he saw a need for free, trustworthy information about real estate investing online. Over the past 12 years, Josh has grown the site from self-funded hobby to full-time job and passion. Today, BiggerPockets brings together over 850,000 members, housing the world’s largest library of real estate content, iTunes’ #1 real estate podcast, and an array of analysis tools, all geared toward helping users succeed.

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