May 3, 2023, published by Sunny Sequeira

With over half of New York City tenants spending nearly a third of their income on rent, affordable housing is crucial to ensuring a safe future for New Yorkers. That’s why advocates in have rallied and thrown their support behind the Community Land Act, a package of bills before the New York City Council that would provide nonprofits and community land trusts with the resources to develop permanently affordable housing. Community land trusts hold land under community control, thus guaranteeing the community derives benefits from it. Spearheading this campaign is the NYC Community Land Initiative, a coalition of housing organizations trying to expand social housing.

The Community Land Act includes several bills, including two that prioritize nonprofits in housing development. The Community Opportunity to Purchase Act, sponsored by Council Member Carlina Rivera, would allow CLTs and nonprofits a first right to buy property when up for sale. COPA would not only offer relief to nonprofits in an otherwise competitive real estate market, but prevent private equity firms and prominent investors from flipping property or charging astronomical rates.

Read more: https://www.nynmedia.com/news/2023/05/new-york-council-pushes-affordable-housing-package/385959/