05 Jun Affordable Housing in NYC: 125+ Industry Leaders Discuss Housing Policy, Homeownership and Preservation
Industry experts discuss affordability, homeownership, preservation and the future of housing policy in New York
More than 125 professionals from across New York’s real estate, development, finance, legal, policy and advisory communities gathered on June 4 at Fordham University’s Lincoln Center campus for Affordable Housing in NYC: A Fordham & RESA Collaboration, presented by the Real Estate Services Alliance (RESA) and Fordham University’s Real Estate Institute.
The event brought together leaders from government, development, ownership and advocacy organizations for a candid discussion on one of the most pressing issues facing New York today: housing affordability.
The program opened with a fireside conversation featuring New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas, moderated by Drew Donovan of Choice New York. The discussion focused on statewide housing challenges, affordable homeownership initiatives and the critical role public-private partnerships play in creating and preserving housing opportunities.
The event continued with a panel discussion moderated by Jamie Van Bramer of Yoswein New York featuring:
- Adolfo Carrión Jr., former NYC Deputy Mayor for Housing, Economic Development and Workforce
- Kenny Burgos, CEO, New York Apartment Association
- Lisa Gomez, CEO, L+M Development Partners
- Zach Steinberg, Senior Vice President, Policy, REBNY
Together, the speakers explored the intersection of affordability, housing production, preservation, development economics and public policy.
A Statewide Housing Challenge
Commissioner Visnauskas emphasized that affordability is not solely a New York City issue, but one affecting communities throughout New York State.
“Everybody feels the affordability crunch around the state.”
Drawing on examples from communities ranging from Watertown to Long Island and Westchester, she noted that rising rents, home prices and housing shortages are affecting residents across urban, suburban and rural markets alike.
The commissioner also highlighted New York State’s significant commitment to housing investment and affordability initiatives.
“We have like $4 billion … and we also are super committed to affordable housing.”
A major focus of the discussion was expanding access to homeownership. Visnauskas discussed the state’s $400 million affordable homeownership initiative, which finances condos, co-ops and single-family homes for low- and moderate-income New Yorkers.
“We launched a $400 million affordable homeownership program.”
She noted that rising housing costs have pushed homeownership further out of reach for many families.
“The median age for a first-time homebuyer used to be like 28 and now it’s 42.”
Redefining Affordability
The panel discussion began by challenging attendees to rethink how affordability is discussed in New York.
Carrión argued that affordability is no longer a niche issue affecting only a small segment of the population.
“Everyone needs affordability. They need to sustain their family, to be able to have a good place to live in a safe place, and ensure that there are future prospects for them and their children.”
He called for a broader conversation around mixed-income housing and communities that create opportunity for residents across the income spectrum.
Preservation and Production Must Go Hand-in-Hand
A recurring theme throughout the morning was that New York cannot solve its housing challenges through production alone.
Burgos emphasized the importance of preserving the city’s existing rent-stabilized housing stock, which remains one of New York’s largest sources of affordable housing.
“What is affordability without quality housing?”
He noted that rising costs for taxes, insurance, utilities, labor and maintenance continue to place pressure on owners, making preservation increasingly difficult.
Gomez echoed those concerns.
“We need to build housing at all levels, but we need to actually sustain that housing.”
She warned that once affordable housing is lost, replacing it becomes extraordinarily difficult.
“If we lose that housing, you cannot replace it in numbers and at the rent levels that exist today.”
Housing Policy Must Follow the Math
One of the clearest themes to emerge from the discussion was the need for housing policy that reflects economic realities.
Steinberg summarized that perspective succinctly:
“We need housing policy to focus on math and not on ideology.”
Panelists pointed to successful office-to-residential conversion incentives and recent zoning reforms as examples of policies that acknowledge development economics while encouraging new housing creation.
The discussion repeatedly returned to the need for policies that balance affordability goals with the costs of building, operating and maintaining housing.
Public-Private Partnerships Remain Essential
While viewpoints differed on certain policy issues, there was broad agreement that government and the private sector must continue working together to address New York’s housing challenges.
Reflecting on his experience in city government, Carrión stressed the importance of enabling housing production.
“The primary responsibility of government is to enable and facilitate and get out of the way as much as possible.”
Speakers highlighted examples of successful collaboration among government agencies, developers, owners and communities that have helped create both affordable rental housing and new homeownership opportunities.
Looking Ahead
Despite differing views on certain policy solutions, the discussion concluded with a sense of optimism about New York’s future.
Gomez summed up that sentiment:
“I love New York. I bet on New York. I want New York to win.”
Carrión agreed.
“There’s no place like the city. It will continue to be a great attraction for people and capital from the world over.”
As New York continues to confront affordability challenges, the forum demonstrated the value of bringing together leaders from across government, industry and advocacy organizations to engage in thoughtful, fact-based conversations about the future of housing.
RESA thanks Fordham University’s Real Estate Institute, our distinguished speakers and moderators, and all attendees who contributed to a lively and insightful discussion. We look forward to continuing the conversation at future RESA programs.