Leonard Grunstein recently wrote a letter to the editor responding to a New York Times front page article, Public Housing in City Reaches a Fiscal Crisis.” Grunstein cites the articles as being further proof that the NYC Housing Authority can no longer rely on its current financial model.
According to Grunstein, the deficit faced by the agency is too great to solve the city’s current housing problems. “Rather than using costly government grants and subsidies to keep a flawed agency on life support, the city needs to tap into the power of capital markets.” Grunstein identifies a few options for taking advantage of capital market wealth, including relying more on public-private partnerships such as that of Battery Park City rather than relying fully on public funding.
To read the full response, “Money for Public Housing,” click here.