New York City Mayor Bill de Blasio touts his commitment to improving New Yorkers' access to affordable housing. His new plan, dubbed the most aggressive in the nation, requires developers building in certain areas to set aside a portion of units that will be available below market price for lower-income residents.
The mayor's desire to take action is warranted, as New Yorkers spend nearly two-thirds of their income on housing. While de Blasio has identified a real problem, his preferred solutions will not work. His commitment to failed policies and rejection of new solutions will only exacerbate the housing crises.
One example of this misguided approach is de Blasio's promise to spend $10 million on enforcement of a 2010 amendment to the city's Multiple Dwelling Law that bans short-term rentals on platforms such as AirBnb if the tenant is absent. City officials claim that these rentals are being used to set up "illegal hotels" that limit the supply of affordable housing for residents.
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