NYC focused on senior living with $500 million plan

As outlined in a recently agreed-to budget, New York City will allocate $500 million for the construction of new affordable apartments on unused space at New York City Housing Authority developments, including parking lots and lawns, the Wall Street Journal reported Tuesday.

According to Senior Housing News, the budget allocation will likely be enough to construct thousands of residences for seniors, and therefore help reduce the city’s public housing waitlist of more than 207,000 families. Still, housing advocates have hoped for four times that amount—$2 billion—to help build more than 15,000 apartments for seniors, according to the Wall Street Journal.

New York City is struggling with affordably housing its aging population, especially as the number of older adults in the city rapidly increases. Limited space for new development, coupled with skyrocketing real estate values, have only compounded the problem further.

Read the full story at Senior Housing News.

Topics: Finance , Housing , Uncategorized