Category: Affordability

What is efficiency? said jesting Pilate: Part 3, The judgment

8 February, 2017 (08:00) | Affordability, Apartments, Condominiums, Development, Housing, Incentives, New York City, Real estate taxes, Section 421-a, Speculation, Subsidy, Tax abatement, US News | No comments

  By: David A. Smith   [Continued from yesterday’s Part 2 and the preceding Part 1.]   As we’ve seen in Parts 1 and 2 of this surprisingly long post, seeking to reach a conclusion on the public-policy merits of New York’s section 421a tax abatement program, when applied to large condominium developments, Section 421a […]

What is efficiency? said jesting Pilate: Part 2, The analysis

7 February, 2017 (09:00) | Affordability, Apartments, Condominiums, Development, Housing, Incentives, New York City, Real estate taxes, Section 421-a, Speculation, Subsidy, Tax abatement, US News | No comments

  By: David A. Smith   [Continued from yesterday’s Part 1.]   After all the paired comparisons and the careful quantitative analysis, is Section 421a for condominiums a good program for New York City?   We’re actually twins by different parents   Yesterday’s Part 1, scrutinizing paired-comparison of condo sales throughout New York City over […]

What is efficiency? said jesting Pilate: Part 1, The evidence

6 February, 2017 (09:00) | Affordability, Apartments, Condominiums, Development, Housing, Incentives, New York City, Real estate taxes, Section 421-a, Speculation, Subsidy, Tax abatement, US News | No comments

  By: David A. Smith   Sources used in this post   Crain’s New York (30 January 2017) NYC Independent Budget Office report dated January 30, 2017 (pdf; green Georgia font),   For governments, subsidies exist for only two purposes: charity or incentive.    The 421a program is intended to spur new construction. It is […]

The first housing commissioner: Part 10, “And hoped she would be able to stay”

22 December, 2016 (09:00) | Affordability, Ellen Axson Wilson, Eminent domain, George M. Sternberg, Housing, MEEs, mission entrepreneurial entities, Slums, Theodore Roosevelt, Urban renewal, Urbanization, Washington Sanitary Housing Company, Woodrow Wilson |

  By: David A. Smith   [Continued from the preceding Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, Part 8, and Part 9.]   With the enactment of the Alley Dwelling Act of 1918, the Federal government, at the urging of General Sternberg and benefiting from the proof-of-concept rental […]

The first housing commissioner: Part 9, “Dwellings injurious to public health, safety, morals, and welfare”

21 December, 2016 (09:00) | Affordability, Ellen Axson Wilson, Eminent domain, George M. Sternberg, Housing, MEEs, mission entrepreneurial entities, Slums, Theodore Roosevelt, Urban renewal, Urbanization, Washington Sanitary Housing Company, Woodrow Wilson |

By: David A. Smith   [Continued from the preceding Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, and Part 8.]   As the preceding parts have established, the Washington Sanitary Housing Company was the first of its kind: a double-bottom-line housing development company (and subsequent affordable landlord) that operated […]