NYCHA’s $78 billion shock leaves privatization as the only option

[Kamaji]

NYCHA’s $78 billion shock leaves privatization as the only option

By NY Post Editorial Board
July 16, 2023

NYCHA’s admission that its long-term-repair needs now top $78 billion, double the already-impossibly-daunting estimate of just five years ago, makes it inarguable that the only hope to save this housing stock is privatization, privatization, privatization.

Enough with the dreams that the cash will magically come from . . . somewhere. Buildings erected a century or half-century ago, and poorly maintained for decades now, are falling apart.

They need new roofs, pipes and boilers; mass remediation of lead-paint and deadly mold — and NYCHA can’t even keep its elevators in good repair.

With progressive super-majorities in both houses, the Legislature just punted on doing anything about the city’s affordable-housing crisis.

Heck, for five years Albany has stalled on playing its part in the 2019 NYCHA-rescue plan. More-dire need won’t make it do better.

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Source:  https://nypost.com/2023/07/16/nychas-78b-shock-leaves-privatization-as-the-only-option/