Rising water and sewer rates, new lead paint and fire sprinkler regulations, and the uncertainties of welfare reform all pose potential threats to the viability of low-income housing in the city. Meanwhile, the city has never adequately addressed the inconsistencies of its property tax system, and many of the stop-gap measures implemented in the 1970s and 1980s have begun to run their course.
The Giuliani Administration articulated its basic policy toward low-income housing preservation in October, 1995. The plan emphasized disposition of the city’s in rem housing inventory, new tax foreclosure procedures, including tax lien sales and direct third-party vestings, and the need to address structural problems in the economics of low-income housing. Now, after a number of fits and starts, the basic elements of the approach have been put in place.
Click UP_Preservation_Issues(pdf) to read CHPC’s assessment of the Giuliani Administration’s progress on its low income housing preservation policy.