After much anticipation, Mayor Bill de Blasio unveiled on Monday his $41.1 billion plan for 200,000 affordable housing units-- 80,000 new units and 120,000 existing ones preserved.
From a housing construction site in Fort Greene, the mayor made the announcement, calling the plan, "a central pillar in the battle against inequality."
The 116-page plan will roll out over 10 years, be paid for with $8.2 billion from the city and over $30 billion in private funds, and will provide housing for about a half a million people, said the mayor.
The plan is weighted toward preserving, rather than building, affordable apartments, offering financial assistance to landlords with rent-stabilized buildings.
The proposal would also offer tax credits and other financial incentives to new developers to include affordable housing units in return for zoning changes to allow for taller buildings and greater density.
The mayor also expressed that he wanted more new units to be available to households with extremely low incomes — under about $25,000 a year for a family of four — those he feels have had trouble qualifying for apartments in the past.
"This is literally the largest and most ambitious affordable housing program initiated by any city in this country in the history of the United States," de Blasio said.
Steven Spinola, president of the powerful Real Estate Board of New York, which represents the city's development community, commended the mayor and called his plan "a realistic roadmap for solutions."