"The New York City Housing Authority (NYCHA) has plans to lease land on public housing property for luxury developments. The New York Daily News revealed last week that the housing authority plans to lease land to private developers, who will then build 3 million square feet of high-end apartments in the middle of public housing projects.
And the developers “will get a sweet deal: a 99-year lease with the lease payments to the authority frozen for the first 35 years,” the Daily News reported. While 20% of the units will be “affordable”--which means the developers get tax breaks--the rest of the units will be market-rate and out of reach financially for many New York residents."
