MTA train at a station

Transit Lines Become The Next Frontier for Workforce Housing Development

Share on facebook
Share on twitter
Share on linkedin

By Travis Gonzalez, June 13, 2017

Following New York City Mayor Bill de Blasio’s pledge to bring 80,000 new low-cost units to the city, affordable housing development has become a popular topic. But within the spectrum of development, which runs the gamut from low-income apartments to luxury penthouses, units reserved for workforce housing, households making from 60% to 120% of the area median income, are a less prominent part of the conversation. More than 1 million people, often older workers and middle class families, have moved out of the New York City area since 2010, at a yearly rate of 4.4%. As the economy improves and workers relocate to cheaper areas farther from urban centers, developers looking for a lower barrier to entry have found opportunity outside the five boroughs, along the transit lines that feed into the city.

(for more of the article, click on the following link)

https://www.bisnow.com