Real Estate
Tiny Homes, Basement Retrofits An Answer To Housing Woes: Mayor
Tiny houses and retrofitted basements are being offered as an answer to New York City's housing problems.
NEW YORK CITY – Tiny houses, converted garages and basements and homes in backyards are being offered as an answer to New York City's over-stretched housing market.
Mayor Bill de Blasio outlined the plan to The City before speaking at his State of the City address at the Museum of Natural History Thursday.
It would redraw the city's housing laws to allow apartments in structures where they're currently not permitted.
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The city will also offer low-interest loans to build the apartments or retrofit existing spaces.
"The key to unlocking more housing for New Yorkers is just below our feet,” Mayor Bill de Blasio said in a statement released to The City.
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“Legalizing basement apartments will give homeowners a new way to make ends meet and give thousands of New Yorkers an affordable place to live.
He did not elaborate on the plan during his State of the City address, but he did announce his intention to make sure 25% of all new apartments built are guaranteed for families who make less than $30,000 a year.
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