New York/New York Agreement

The New York/New York Agreement: What it means for affordable housing in the city.

The New York/New York Agreement is a historic partnership between the City of New York and New York State that seeks to address the affordable housing crisis in the city. The agreement was first signed in 1985 and has been renewed several times since then, with the latest agreement being signed in 2017.

The goal of the New York/New York Agreement is to create and preserve affordable housing opportunities for New Yorkers who are low-income, homeless, or have special needs. The agreement provides funding for the construction and renovation of affordable housing units, as well as supportive services for residents such as mental health and substance abuse treatment, job training, and childcare.

The agreement is a crucial part of the city`s efforts to combat homelessness and housing insecurity. In recent years, the number of homeless individuals in New York City has reached record levels, with over 60,000 people sleeping in shelters every night. The lack of affordable housing options is a major contributing factor to this crisis.

Under the New York/New York Agreement, the city and state commit to funding the construction of new affordable housing units and the renovation of existing units. The agreement also includes provisions for supportive services for residents, which can help to address some of the root causes of homelessness and housing insecurity.

The benefits of the New York/New York Agreement extend beyond just those who will have access to affordable housing. The construction and renovation of affordable housing units also provide jobs and economic stimulus to the city. Additionally, affordable housing can help to stabilize neighborhoods and prevent displacement of long-time residents.

In conclusion, the New York/New York Agreement is a critical partnership between the City of New York and New York State that seeks to address the affordable housing crisis in the city. By providing funding for the construction and renovation of affordable housing units and supportive services for residents, the agreement has the potential to make a significant impact on the lives of low-income, homeless, and special needs New Yorkers.

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