New York City Commits $500 Million to Build Affordable Senior Housing
New York City Housing Authority has allocated 500 million dollars to an initiative to build affordable senior housing on public land owned by NYCHA, including lawns and currently unused spaces. Although this is sufficient to build homes for thousands of seniors, it falls far short of the 2 billion dollars and 15,000 apartments hoped for by housing advocates. Private developers are also planning a number of projects aimed at NYC’s senior population, which is projected to grow by 40 percent by 2040.
Key Takeaways:
- New York City will spend $500 million to build additional senior living apartments on undeveloped New York City Housing Authority land, such as parking lots and lawns of current developments.
- Housing advocates had called for a $2 billion allocation to build 15,000 senior living apartments.
- Several private sector firms, including private equity groups and companies specializing in senior living like Sunrise and Welltower, will also make big investments in NYC and other “gateway cities.”
“New York City is struggling with affordably housing its aging population, especially as the number of older adults in the city rapidly increases.”
