NYCHA Faces $78 BILLION In Repair Bills
The recent revelation by NYCHA that its long-term repair needs have surpassed $78 billion, double the estimate from just five years ago, meaning that privatization may be the only viable solution to salvage this growing problem.
Hoping for a miraculous influx of funds from unknown sources may no longer be feasible. Many of these buildings were constructed a century ago and have been subjected to poor maintenance for decades. They require new roofs, pipes, boilers, extensive remediation for lead paint and hazardous mold, and NYCHA struggles to maintain its elevators in working order.
Albany has even delayed its participation in the 2019 NYCHA rescue plan for five years, and a more dire situation will not prompt swifter action.
Granted, the agency’s income has suffered due to t=he impact of COVID and the eviction moratorium. Even if the city were to collect back rent from the 50,000 tenants in arrears would barely make a dent in the current needs.
NYCHA’s annual cash shortfall has ballooned from $158 million in 2014 to $789 million in 2022. Without drastic measures, an increasing number of NYCHA’s 330,000 residents will be left with uninhabitable homes.t.
Selling off vacant lots and relocating tenants from projects located on valuable plots to sell at top dollar could generate funds to construct replacement complexes in less desirable areas.
Considering the current trajectory, these buildings will inevitably collapse. The plan to demolish Manhattan’s Fulton Houses and Chelsea-Elliot Houses in order to construct over 2,000 new apartments for current NYCHA tenants, along with 3,500 new for-profit and partially subsidized units, overlooks significant potential.
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