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Land Rich, Pocket Poor: Making the Most of New York City Housing Authority’s (NYCHA) Unused Development Rights

 Under existing zoning, Manhattan NYCHA properties have a combined total of 30.5 million square feet of unused development rights, equivalent to more than 35,000 units of housing or more than 11 Empire State Buildings – an asset worth potentially billions of dollars.

date-month: 
August, 2008
Source: 
Manhattan Borough President Scott Stringer

Related Research Resources

Economic Impacts of Affordable Housing on New York State’s Economy

Details how $260 million in state spending over seven year on affordable housing leveraged $2.54 billion in additional federal spending and private capital.  This included 18,490 affordable housing units each year, 31,800 jobs during construction and an additional 5,650 permanent jobs to support resident spending and building maintenance

The Role of Affordable Housing in Creating Jobs and Stimulating Local Economic Development: A Review of the Literature

Reviews literature showing the jobs and revenue gains for local governments from investments in affordable housing, including helping local employers grow by attracting and retaining quality employees.

Beyond Units: Economic Benefits of Federal Home Loan Bank of Atlanta’s Affordable Housing Program

Study finds that for every dollar of AHP funding put into a particular development project, an additional $14.30 of private and public capital was invested.  Every dollar of AHP funding created $24.60 of additional economic impact in a community in the form of increased or new income, spending on construction materials and durable goods, and expanded tax revenues. For every $1 million of AHP funding, 158 jobs are created. AHP-assisted housing has helped create approximately 46,000 jobs in its 20 years.

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