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Blame Rent Control, Speculation for Housing Crisis

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Alicia Glen of MSquared, Richard Mack of Mack Real Estate Group, Barika Williams of the Association for Neighborhood and Housing Development (Getty, ANHD)

While discussing affordable housing in New York City, developer Richard Mack briefly grabbed the mic and swung toward the fence.

“We are in this situation [of unaffordability] Because of rent regulations,” the CEO of Mack Real Estate Group said at an event in Midtown. “Those who have apartments will be entitled, and those who do not will have their rents pushed up.”

Mac, a second-generation developer whose family-owned company has developed thousands of apartments across the country, said government officials, nonprofit leaders and business executives at an event Wednesday at 75 Rockefeller Plaza. We joined to discuss the availability of affordable housing. US News and World Report.

Although the political consensus appears to be shifting in favor of housing production in certain sectors, CALIFORNIA WITH RESTRICTED SUPPLY —Speakers objected to the idea that the icy relationship between New York City’s housing activists and property developers is improving.

“I don’t know if there was a thaw,” he said barrika williamsdirector of the Neighborhood Housing Development Association, an advocacy group that seeks to promote affordable housing.

Williams criticized for-profit housing, saying a history of “theft, exploitation and denial” created the system of private real estate. “Fiddling around and then changing the system,” she said.

“Developers are not monolithic,” suggested Alicia Glenn, founder of mixed-income multifamily developer M-squared Former Deputy Mayor for Housing and Economic Development under Bill de Blasio. “Some are better than others, and so are nonprofits. Not all of them can scale their projects.”

Williams said half of the city’s population needs a room that costs less than $1,500 a month, the average rent for a Manhattan apartment. It was about $4,000 as of September — Meanwhile, Mack said lenders and developers are looking to cities like Phoenix, Mack Real Estate’s biggest market, because “other markets want us.”

“New York makes developers feel like demons,” he said.

The panel also addressed the impact of the pandemic on New York City and how the city’s hardened business areas, from service workers to office landlords, have been hit most directly.

Empire State Development CEO Hope Knight said: “Reimagining commercial real estate in New York City requires a 24/7 community.”

mac said Garment District Too business oriented in the post-pandemic era and would benefit from zoning changes. He also suggested demotivating land speculators he said were falling prey to land consolidation.

“If [developers] If you don’t build for a period of time, you should have penalties,” he said, adding that companies looking to buy and hold land near rezoning areas and profit from the appraisal without building homes. mentioned.

Mack noted that the city’s office occupancy rate is still below 50%, and that public infrastructure improvements are making it easier to commute from Connecticut to Midtown than from east Brooklyn. .

“Young people are excited not only to work in New York, but to live in New York,” he said.

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