NYC Infrastructure Photo: Aurelien Guichard/Flickr 

At the recent New York State Financial Control Board Meeting, Mayor de Blasio discussed the city’s Financial Plan, and housing and infrastructure issues took center stage.

De Blasio noted that NYC’s high cost of living is prohibitive to the continued financial recovery. He pointed out that almost half of New Yorkers are hovering around the poverty line and last year, more than half of renters were rent-burdened, which means they spent more than a third of their income on paying their rent.

The circumstances of our economic recovery are unique, De Blasio explained. He said that even as our development and investment grows, many are still slipping into poverty.

“There were 186,000 more New Yorkers below the federal poverty level in 2013 than there were in 2009. So, literally during the timeframe that we believe this recovery to be happening in, a huge number of people have slipped into poverty, which is the reverse of what we saw in previous recoveries,” he said.

He promised that his new budget plan will attempt to combat that trend by paying close attention to the city’s economy. De Blasio also touted the City’s recent creation of 20,300 affordable apartments and its goal of 200,000 affordable apartments by 2025.

The mayor hopes that his move to raise the city’s reserve will prove useful in the endeavor to create the first ever capital stabilization reserve of $500 million.

Follow @bbhnyc for the latest in New York City stories affecting the real estate market.

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