THE IMPACT OF COVID-19 ON NEW YORK CITY’S MULTI-FAMILY AFFORDABLE HOUSING

The New York City Department of Housing Preservation & Development (HPD) is responsible for developing and maintaining the city’s affordable housing stock. HPD engaged a team to investigate the impact of the COVID-19 crisis on the cost of preserving and operating affordable rental housing in New York City. The team assessed the experiences of multifamily building owners in NYC by conducting a literature review, stakeholder interviews, and financial modeling. The team’s qualitative and quantitative analyses provided critical policy insights around ensuring the long-term viability of affordable housing, and informed the team’s final recommendations on priorities and strategies for achieving an equitable economic recovery.