New York City seeks affordable housing solutions

The 5Boro Institute's recent survey of 3,000 New Yorkers highlights affordability as the top concern, alongside mental health and public safety. Rising housing costs are impacting residents' financial stability and future planning. To address this, the City of Yes initiative offers a 20% density bonus for affordable housing. Carthage Advisors has completed two new apartment buildings in Harlem, with half of the 330 units designated as affordable, funded through a mix of subsidies and market-rate income. The project aims to combat gentrification by ensuring affordable options for local families. It includes community spaces and a commitment to hire local workers, reflecting a focus on inclusivity amid rising development costs in New York City.