NYCHA moves to lease land at Wyckoff Gardens housing project in Brooklyn to a developer
Part of mayor’s NextGen Neighborhoods plan
As part of Mayor Bill de Blasio’s NextGen Neighborhoods plan to dig the city’s public housing projects out of a $2.5 billion hole, NYCHA (NYC Housing Authority) Chair Shola Olatoye said on Thursday that the city hopes to lease what it calls underutilized land at the Wyckoff Gardens housing development in Boerum Hill to a developer.
With NYCHA in its worst financial position in more than 80 years, NextGen Neighborhoods intends to create a revenue stream that would benefit individual projects. Developers would create 50 percent affordable and 50 percent market-rate units, with the revenue going to NYCHA.
“As we start this comprehensive, inclusive process and engagement moves forward, we cannot forget our purpose and why we are doing this—we must save NYCHA today and for tomorrow; we can no longer kick the can further down the road to address our finances, resident concerns and pressing infrastructure needs,” Olatoye said in a statement.