A State Grab on NYC Hou$ing Would Fund Fresh Debt

From Comptroller William C. Thompson

The state government is looking to raid a fund that was established specifically to build affordable housing in New York City. As New York City’s comptroller, I certainly understand that our state is facing a massive budget deficit
and must consider every revenue source. But the city finds itself in the grips of both a severe economic recession and an affordability crisis.

Even as Wall Street’s implosion dealt a crippling blow to our economy, personal expenses in our city remain wildly uneven with the rest of the country.

In January, my office reported that our real gross city product fell an estimated 5.5 percent in the fourth quarter of 2008. Meanwhile, a study released last week by the Center for an Urban Future found that New York City today is by far the most expensive city in the country.

Read the entire release: Housing