The Community Land Act package proposes five bills designed to combat housing unaffordability in New York City by prioritizing community ownership of properties. By allowing qualifying nonprofits to buy residential real estate and receive grants for affordable housing development, the act seeks to remove these properties from speculative markets. Advocates argue this strategy is critical for maintaining rent stabilized apartments and ensuring low-income housing development. The initiative underscores community empowerment in land use decisions, contrasting with private developers who often under-deliver on affordable housing units.
When you own the land, you decide how and what's developed on the land and how it's dispersed out into the community,
[Developers] say they're building 200 units, but out of those 200 units, maybe 5 percent of them will go to very low income people. And that's not fair. That's total displacement in our neighborhood.
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