New York City Mayor Eric Adams announced a new partnership with Building and Construction Trades Council of Greater New York and Vicinity (BCTC) and Cirrus Workforce Housing Advisors that looks to address the city's housing crisis, particularly for essential workers.
In an effort to build more affordable housing for NYC’s workforce, BCTC is pooling pension funds from eleven union funds, pledging over $100 million to the initiative during the initial fundraising stage — with Cirrus expected to raise an additional $400 million, at least.
The goal is to invest in New York City-based housing projects that will deliver affordability at 80% to 140% area median income, and that is located near transit, that advances sustainable building goals, and that will be constructed under a negotiated project labor agreement with BCTC reflecting responsible contracting policies to advance fair wages, health and retirement benefits, and apprenticeships and other job training programs.
Adams said that the agreement between the city and the organizations is exemplary of how collaborative efforts can help “to build the city out of the housing crisis.”
“This first-of-its-kind agreement will help build housing that is affordable for the New Yorkers who have built our city and help New York City lead on the affordable housing crisis facing our nation,” he said.
The initiative comes amidst concerning trends regarding New York City’s housing situation.
According to a recent report from the New York City Housing Vacancy Survey, the city’s vacancy rate dropped to its lowest total since 1968, with many middle- and low- income residents experiencing increased rent burden.
“This partnership will lead to the development of affordable workforce housing under negotiated Project Labor Agreements that will create family sustaining union careers for New Yorkers,” said Gary LaBarbera, president of BCTC. “We believe that the union funds investing in this program have demonstrated tremendous vision and we look forward to building the housing supply for the city’s working class.”
