During the Ten Year Capital Plan for housing, begun in 1985 and now lasting beyond fifteen years, New York City has spent more than $5.1 billion to build or rehabilitate more than 180,000 housing units. A variety of strategies were adopted. To achieve the required levels of production and diversity, the city took advantage of the resources and capacity of the private sector. Private mortgage capital played a pivotal role. Many leading financial institutions made the construction and permanent loans for the city’s gap-financing method. One of the greatest innovations of the Ten Year Capital Plan was that it married the twin objectives of housing production and neighborhood revitalization. Budgets did not typically include incentives for cost-saving, with the result that hard costs exceeded $100,000 per unit rather than the $60,000 to $65,000 per unit typical at that time. High union wages and restrictive work rules added thousands of dollars in useless requirements and lost productivity. According to one set of estimates, the cost to construct a mid-rise building in New York City was 4 percent higher than in Los Angeles, 10 percent higher than in Chicago, and 22 percent higher than in Dallas.
1010 Affordable Housing Amazon Amenitization Architecture Artificial Intelligence Asia Australia automation Autonomous Vehicles bonds Borrowing Constraints Brexit California Canada Capital Business China Co-Working Environment coastal markets cold storage Colombia Commercial Brokerage Commercial Real Estate commissions Congestion consumer bias covid-19 CRE credit card market Credit Default Swaps Credit Insurance Credit Risk Transfers Culture Data Analytics data centers Data Collection Technology Debt Market Demand Demographics Density Development Discrete Choice disruption Diversity drones e-Commerce Economic Corridors economic policy economics education election studies Equity Funds Equity Market Ethnic Factors Europe Fannie Mae financial asset management Foreclosures Foreign Policy France Freddie Mac general equilibrium Global global economy Global Financial Crisis Globalization great depression Great Recession healthy buildings Hedonic hospitality Housing & Residential housing boom Housing Disease housing prices Housing Supply Identity Income Inequality India inflation Inter-generational mobility interest rates Investing jobs labor market Lagging Regions land use regulation Language life sciences Macroeconomics malls Market Pricing megacities Microeconomics Migration Minimum Payments Mixed-Use Mobility moral hazard mortgage insurance mortgage market Mortgage Rates Mortgages Multi-family Nation Building Non-Traditional Mortgages Office Market office sector pension funds Placed Based Policies Political Risk Price Discovery Private Equity Business public health public policy Public Schools real estate brokerage Real Estate Investment Real Estate Investment Trusts Recession Rental Retail Retirement reverse mortgages Risk Adjustment risk management risk-shifting robotics single family housing Slums Sorting South America Spatial Regions spillover effect stimulus package Sub-Prime Mortgages Sustainability Technology telecommunications trade transportation unemployment United States Urban Urbanization Warehouse welfare work from home