The New York Times - USA (2020-10-25)

THE NEW YORK TIMES, SUNDAY, OCTOBER 25, 2020 MBRE 11

Experimenting with new methods to cre-
ate or preserve more affordable housing is
crucial, said Rafael E. Cestero, a former
housing commissioner who is now presi-
dent of the Community Preservation Corpo-
ration, a nonprofit housing and finance
company. He urged elected officials to
“channel more rental assistance” to the
neediest New Yorkers.
“We can’t build our way out of the housing
crisis,” he said.
The Regional Plan Association estimates
that 500,000 new homes, including 100,000
in New York City, can be created — and at

minimal cost — if state and local govern-

ments make it easier for basements, ga-

rages and attics to be converted into legal

dwellings.

Eric L. Adams, the Brooklyn borough

president, who is running for mayor in 2021,

is among those supporting plans to convert

empty offices into housing.

Meanwhile, the New York City Housing

Authority, the landlord for one in 15 New

Yorkers, is exploring new ways to shore up

funding. The agency needs $40 billion to fix

issues including mold, lead abatement, and

deferred maintenance in its 170,000 apart-

ments across 2,252 buildings.

Is Suburban Flight Just a Fad?

The demise of cities is overstated, experts

said, but lasting changes will become more

apparent in the years to come, especially in

the work force.

With many companies discouraging em-

ployees from coming into the office until

mid-2021, Barry B. LePatner, a real estate

lawyer, predicted that the daytime popula-

tion in Manhattan’s business districts would

get significantly younger.

While older employees will be inclined to

stay at home, particularly if they are jug-

gling child care and education issues,

younger ones won’t want to miss out on net-

working and socializing opportunities. “I

believe this will be a generational thing,” he

said.

A report from Cushman & Wakefield

noted that the demand for suburban office

space, “fueled largely by aging millennials,”

was already outpacing urban cores.

More than 40 percent of U.S. bank execu-

tives also plan to reduce their office foot-

print to accommodate a partial work-from-

home schedule, according to a survey by

the consulting firm Accenture.

“The tether between work and home just

got a lot longer,” said Jonathan Miller, a New

York real estate appraiser. That shift is al-

ready increasing buyer demand in more af-

fordable markets beyond the city center.

There are signs the suburban surge is

slowing, as pent-up demand diminishes and

prices there reach new highs, Mr. Miller

said. While sales remain elevated, suburbs

in Westchester County and parts of Long Is-

land saw contract activity peak in July.

But as the last seven months have re-

minded everyone, nothing in real estate is

guaranteed.

Scott Rechler, the chief executive of RXR

Realty and chairman of the Regional Plan

Association, recalled a September 1990

Time magazine cover with a heartbroken “I

Love New York” logo and the headline:

“The Rotting of the Big Apple.” The cover

story mentioned a poll in which 60 percent

of New York City residents said that they

wanted to leave.

“I keep this on my desk,” said Mr. Rechler,

a former vice chairman of the Port Author-

ity of New York and New Jersey. “I want to

remind myself that our prosperity isn’t

guaranteed. We need to continually main-

tain the quality of life that drives people to

continue to want to live and work in New

York City.”

Top left, a public housing

development in Chelsea.

Budget cuts are threatening

new affordable housing. Above,

a train in Manhasset, N.Y.

Remote work has affected the

value of Midtown proximity.

Left, Zohran Kwame Mamdani,

a progressive who unseated

incumbent Assemblywoman

Aravella Simotas of Queens.

TOP LEFT, ANDREW SENG FOR THE NEW YORK TIMES; ABOVE, STEFANO UKMAR FOR THE NEW YORK TIMES; BOTTOM LEFT, AMR ALFIKY/THE NEW YORK TIMES

‘We’re on the brink of an

eviction tsunami.’

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WESTCHESTER

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Houses for Sale 1605

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PUTNAM

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NEW JERSEY

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Houses for Sale 1905

HOUSES for SALE

OTHER STATES

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