Index Investing News
Friday, September 5, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

NYCHA woes jeopardizes repair agreement

by Index Investing News
December 11, 2022
in Opinion
Reading Time: 2 mins read
A A
0
Home Opinion
Share on FacebookShare on Twitter



It’s not just the MTA struggling to recover from the pandemic’s impact: The New York City Housing Authority may have taken an even harder hit — and it was in a deeper hole to start with.

Just as the transit agency suffered huge losses from lower ridership, NYCHA lost a ton of rental income, thanks to the rent moratorium.

Rents fund a full third of the agency’s operating budget, but arrears have reached a staggering $443 million — up from $100 million in March 2020. That recently forced top managers to warn their federal overseers that they’re unlikely to meet the repair deadlines set in a 2019 court-approved agreement.

Pre-pandemic, NYCHA faced a $40 billion hole for repairs and maintenance after years of neglect and mismanagement. New leadership was making big strides — but who can handle having 71,000 tenants in rent arrears? Supply-chain issues and raging inflation only add to the woes.

Even if NYCHA wanted to go there, evicting those tenants is no practical answer: The Housing Court system is already lumbering (and faces its own backlog after two years of lockdown). One possible answer is for the state, which has already done extensive relief for unpaid COVID rents, to make NYCHA whole here as well — with the obvious caveat that the bailed-out tenants make monthly rent payments going forward.

Federal monitor Bart Schwartz, the federal Department of Housing and Urban Development and the US Attorney for the Southern District have acknowledged NYCHA’s progress on big-ticket items such as replacing and repairing heating plants. But regular repairs have fallen far behind.

Last month, city Comptroller Brad Lander reported that more half of NYCHA developments have doors either broken or jammed open; at the Marble Hill Houses in The Bronx, one building entrance was missing a door entirely.

In October 2021, The Post’s Nolan Hicks and Oumou Fofana found that the open repair backlog at Castle Hill Houses in the Bronx surpassed 11,000, while NYCHA’s citywide maintenance backlog had ballooned to nearly 584,000 requests that month — up from 461,000 in October 2020.

The pandemic had sidelined many repair personnel, tenants were told. In his quarterly report, Schwartz ID’d the Housing Authority’s Operations Division as problematic.

But that crisis shouldn’t interrupt the larger reforms, including moving complexes to private management (along with major repairs) under the feds’ Rental Assistance Demonstration program and NYCHA’s own Permanent Affordability Commitment Together initiative.

Sale or rental of underused NYCHA properties can help plug the hole, on top of possible state funds. And the tag team of Senate and House Democratic leaders Chuck Schumer and Hakeem Jeffries should prioritize more emergency assistance.

No one benefits from letting the city’s public-housing stock fall apart.



Source link

Tags: agreementJeopardizesNYCHARepairwoes
ShareTweetShareShare
Previous Post

EU vice-president arrested by Belgian police in ‘Qatar lobbying scandal’ — Puppet Masters — Sott.net

Next Post

EU parliamentary official suspended amid probe into alleged influence peddling

Related Posts

Transfer to ‘fireplace’ Fed board member is hypocritical –
Las Vegas Solar Information

Transfer to ‘fireplace’ Fed board member is hypocritical – Las Vegas Solar Information

by Index Investing News
September 4, 2025
0

Wednesday, Sept. 3, 2025 | 2 a.m. On Aug. 15, Federal Housing Finance Company director Invoice Pulte despatched a letter...

Trump must deploy the Nationwide Guard to Chicago instantly!

Trump must deploy the Nationwide Guard to Chicago instantly!

by Index Investing News
September 1, 2025
0

On Monday, President Trump signed an govt order ending cashless bail nationwide and creating rapid-response Nationwide Guard models that may...

Seize this opportunity to make it daring and delightful

Seize this opportunity to make it daring and delightful

by Index Investing News
September 1, 2025
0

The bundle not solely clearly articulates the Centre’s imaginative and prescient of a reformed GST, but in addition pushes all...

Scientifically Talking: You’re what your intestine microbes eat

Scientifically Talking: You’re what your intestine microbes eat

by Index Investing News
September 1, 2025
0

Crucial dinner company at your desk tonight gained’t pull up a chair or have interaction in chitchat. They're your intestine...

How I Keep Disciplined With Cash With out Being Excellent

How I Keep Disciplined With Cash With out Being Excellent

by Index Investing News
September 1, 2025
0

Let’s be trustworthy: you don’t want one other “excellent funds” template or some one-size-fits-all cash hack. You don’t must deprive...

Next Post
EU parliamentary official suspended amid probe into alleged influence peddling

EU parliamentary official suspended amid probe into alleged influence peddling

China, Saudi Arabia strengthen ties with deals for big oil projects (OTCMKTS:SNPTY)

China, Saudi Arabia strengthen ties with deals for big oil projects (OTCMKTS:SNPTY)

RECOMMENDED

《The Bitcoin Commonplace》3: Escape 「Fiat Lure」, Return to 「Time Commonplace」 | by Daii | The Capital | Mar, 2025

《The Bitcoin Commonplace》3: Escape 「Fiat Lure」, Return to 「Time Commonplace」 | by Daii | The Capital | Mar, 2025

April 7, 2025
The 12 Best High Paying Remote Jobs And Remote Job Sites

The 12 Best High Paying Remote Jobs And Remote Job Sites

November 19, 2023
Unique-Petrobras and EIG close to deal for Bolivia-Brazil fuel pipeline -sources By Reuters

Unique-Petrobras and EIG close to deal for Bolivia-Brazil fuel pipeline -sources By Reuters

March 14, 2022
Finish the TSA: Privatize airport safety

Finish the TSA: Privatize airport safety

April 19, 2025
Palantir a technique to put money into various enterprise AI market

Palantir a technique to put money into various enterprise AI market

August 22, 2024
Dan Crenshaw not a sensible choice for Franklin County Lincoln Day Dinner

Dan Crenshaw not a sensible choice for Franklin County Lincoln Day Dinner

March 20, 2022
Just Listed | 1511 Avenue H W

Just Listed | 1511 Avenue H W

February 27, 2023
China’s DeepSeek Breakthrough – and What it Means for Nationwide Safety

China’s DeepSeek Breakthrough – and What it Means for Nationwide Safety

February 3, 2025
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In