By Council Member Keith Powers and Assembly Member Harvey Epstein
As rents continue to climb, the city is working to create, preserve, and secure affordable housing for New Yorkers. Last week, we announced a breakthrough.
In each of our first years in office, we have had the honor of working on a deal that achieves something many dream of but too rarely comes true: a rent reduction for tenants. Over the past several months, we have been involved in negotiations with Waterside Plaza ownership, the Waterside Tenants Association (WTA), led by President Janet Handal, and the City’s Department of Housing Preservation and Development (HPD) on an affordable housing preservation deal that does just that.
The proposed deal provides substantial relief for rent-burdened tenants, permanently freezes the rent in dozens of apartments, and preserves affordable housing on a generational scale through 2098. The guaranteed 75 years of rent protections for hundreds of apartments combined with the immediate relief to tenants whose rent has been steadily increasing demonstrate a groundbreaking model for affordable housing in New York City.