The Department of Housing and Urban Development reached an agreement with New York City over the future of the New York City Housing Authority. The agreement avoids a complete federal takeover of the often maligned and perennially underfunded housing agency that oversees the homes of 400,000 New Yorkers, and instead grants the federal government the ability to monitor the city’s actions in exchange for $2.2 billion in funding over the next decade.
Independent analysis has shown that the agency needs $32 billion to bring its housing stock up to code.
The New York Times has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
Austerity measures are not working well in England, the European Union and Japan have agreed to a deal that will create world’s largest free trade zone, and the United States is stepping back from a Reagan-era nuclear arms control treaty over the location of a Russian missile that has not moved since 1987. The U.S. economy added 304,000 jobs in January, President Donald Trump is evidently considering a declaration of emergency to get funding for a multibillion dollar monument to lost causes in the desert, Herman Cain may fill a vacancy on the Federal Reserve’s board of governors, Treasury Secretary Steven Mnuchin is evidently under investigation for his role in the decision to lift sanction on a Russian company to which he may have financial ties, Senator Cory Booker (D-N.J.) announced that he is running for president, a panel of judges will hear oral arguments from the Federal Communications Commission about its decision to end net neutrality, Vice Media is cutting ten percent of its staff, Amazon made $3 billion in profits in the fourth quarter, robots could one day be made of mesh, and Greg David of Crain’s New York forgot to mention high income deregulation (see DHCR fact sheet #36) in his column about high earners and subsidized rent. Con Edison hopes to pass the costs of improving the Metropolitan Transportation Authority’s system on to consumers, the restraining order that halted the implementation of congestion pricing has been lifted, ride hailing apps are planning to increase prices, and a Home Depot is coming to Maspeth.
Scientists are excited about the possibilities of biosolids, Lake Michigan has frozen over, Manhattan may be getting what is being called a beach, Burger King is trolling McDonald’s, a German wants to build a sausage museum at the site of a former Nazi camp, PR teams are behind popular responses to Super Bowl ads, Americans are expected to spend $6 billion betting on the Super Bowl, and the Patriots are expected to win the big game this Sunday.