Index Investing News
Wednesday, June 3, 2026
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

The American divide exposes the high GDP fallacy –
Las Vegas Sun News

The American divide exposes the high GDP fallacy – Las Vegas Sun News

by Index Investing News
May 31, 2026
0

Sunday, May 31, 2026 | 2 a.m. The American economy is a wonder. The Economist observed that average wages in...

Chad Bianco can stop Gavin Newsom — by dropping out

Chad Bianco can stop Gavin Newsom — by dropping out

by Index Investing News
May 19, 2026
0

Gavin Newsom finally said the quiet part out loud. Last week, Newsom admitted he has a secret “break the glass”...

AI Voice Cloning And Deepfake Scams: Protect Your Money

AI Voice Cloning And Deepfake Scams: Protect Your Money

by Index Investing News
May 18, 2026
0

Imagine getting a phone call from your daughter. She’s crying. She says she’s been in an accident, she needs money...

New Delhi to Oslo, building a new strategic partnership

New Delhi to Oslo, building a new strategic partnership

by Index Investing News
May 15, 2026
0

We live in an unpredictable world. But unpredictability is not the same as powerlessness. Democracies that share values and trust...

A great code bloat is arising as AI turns managers into software programmers

A great code bloat is arising as AI turns managers into software programmers

by Index Investing News
May 11, 2026
0

A great code bloat is taking birth in the minds of a million managers. As every employee becomes a casual...

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

Reviews: Patriots to waive WR Ok.J. Osborn

Reviews: Patriots to waive WR Ok.J. Osborn

December 10, 2024
6 Tips to Grow Your Real Estate Portfolio While Working 9-5

6 Tips to Grow Your Real Estate Portfolio While Working 9-5

April 7, 2024
Las Vegas standup comic Shecky Greene dies at 97 By Reuters

Las Vegas standup comic Shecky Greene dies at 97 By Reuters

December 31, 2023
Man Utd vs Arsenal & the return of Alessia Russo is the perfect early narrative for the 2023/24 WSL season

Man Utd vs Arsenal & the return of Alessia Russo is the perfect early narrative for the 2023/24 WSL season

July 18, 2023
Twitter’s laid-off workers cannot pursue claims via class-action lawsuit-judge By Reuters

Twitter’s laid-off workers cannot pursue claims via class-action lawsuit-judge By Reuters

January 14, 2023
Key takeaways from Hewlett Packard’s (HPE) Q3 2024 earnings report

Key takeaways from Hewlett Packard’s (HPE) Q3 2024 earnings report

September 8, 2024
PVH jumps after beating expectations on top and bottom line By Investing.com

PVH jumps after beating expectations on top and bottom line By Investing.com

August 29, 2023
Norway shares decrease at shut of commerce; Oslo OBX down 0.16% By Investing.com

Norway shares decrease at shut of commerce; Oslo OBX down 0.16% By Investing.com

January 16, 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