Developer’s Digest?: This Week's Top Development News
Fed Announces Big Rate Cut
September 18, 2024
The Federal Reserve cut interest rates by half a percentage point, bringing them down to about 4.9%, the first such cut in four years. Fed Chair Jerome Powell stated that this decision was made with confidence that inflation is nearing the 2% target, aiming to prevent further weakening of the job market. Powell emphasized that future rate cuts will be decided on a “meeting by meeting” basis, adjusting based on economic conditions, with the Fed cautiously optimistic about achieving a soft economic landing.
Source: The New York Times
Opinion: “City of Yes” Will Help Turn Underutilized Space into Life-Saving Housing
September 18, 2024
An opinion piece advocates for New York City's "City of Yes" initiative, which aims to repurpose vacant and underutilized spaces for affordable housing. The plan proposes zoning changes and policies to streamline housing developments, especially for vulnerable populations. The author emphasizes that this could help alleviate the city’s housing crisis by creating more accessible living spaces and increasing housing stock for low-income residents.
Source: City Limits
The Next Big Housing Developer Is…the Federal Government?
September 17, 2024
Rep. Alexandria Ocasio-Cortez and Sen. Tina Smith introduced a measure to establish a national housing development authority to build or support social housing, with at least 70% of units for low-income households. The bill caps initial rents at 25% of income, limits rent increases to 3% annually, and protects against eviction without cause. It allows eminent domain for housing acquisition and calls for $30 billion in annual funding from 2025-2035, along with a revolving loan fund and bond issuance. The bill also seeks to repeal the Faircloth Amendment, which restricts federal funding for public housing, aiming to address housing shortages.
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Source: The Real Deal
Maddd, Joy Partner With Supermarket for Latest Bronx Project
September 17, 2024
Maddd Equities and Joy Construction, in partnership with Food Bazaar, are developing a 15-story affordable housing project at 1959 Jerome Ave. in the Bronx. The $150 million project will feature approximately 320 affordable housing units and a 35,000-square-foot Food Bazaar supermarket at its base. The developers purchased the property for $22.6 million and plan to start construction within a year, with a projected completion timeline of two years. The specific area median income levels for the affordable units are still being determined. The project will cover nearly 300,000 square feet.
Source: Crain's New York Business
Namdar, Empire Capital File Plans for 188-Unit Conversion in Midtown East
September 18, 2024
Namdar Realty and Empire Capital have filed plans to convert a Midtown East building into a 188-unit residential property. This project is part of a growing trend of office-to-residential conversions in New York City, as developers seek to capitalize on the city’s high demand for housing. The development is expected to include a mix of affordable and market-rate units, helping address the city’s ongoing housing challenges.
Source: PincusCo