CityRealty Insider > Middle Ground: Is Middle-Income Housing Making a Comeback?

Middle Ground: Is Middle-Income Housing Making a Comeback?

AUGUST 27, 2009

Middle- and Moderate-income incentives may once again offer a real alternative to boom-town housing costs

Giant residential cities-within-the-city were built in the mid 20th century to offer homes to returning WWII servicemen and their families, and programs like Mitchell-Lama were created to give families a chance to buy affordable homes. These initiatives helped a generation of New Yorkers to achieve a solid middle-class lifestyle in the decades to follow. But from the go-go‘80s through the ‘90s, as housing prices continued to skyrocket, affordable homes for moderate and middle income buyers became scarce.

With the current recession having diminished the stacks of Wall Street wealth that were sustaining the market, there may be a resurgence of interest in complexes like LeFrak City that can offer more living space and affordability. In May, the city claimed 30 riverfront acres in Queens with plans to create what the largest middle-income housing development—with great views of the Manhattan skyline—in over 40 years. And recently City Council Speaker Christine Quinn proposed a plan to purchase unsold luxury units and convert them to middle-income housing. The prize may be smaller for developers but everyone wins.

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