Ferrer Proposes Mandated Affordable Housing

New York, NY —

Mayoral candidate Fernando Ferrer says he has an $8.5 billion housing plan that will create 167,000 housing units over 10 years.

Ferrer wants to force developers who participate in large scale rezonings to set aside 30 percent of their units for low and moderate income families.

Those who voluntarily set aside 50 percent of their units would be allowed to build larger and get tax breaks. The Bloomberg administration has argued against mandating affordable housing, saying it could stifle development especially if the market drops.

Ferrer is also calling for so called "exclusionary zones" to be designated throughout the city, instead of just being in Manhattan's prime neighborhoods. The zones forbid developers from getting tax abatements unless they build affordable housing.

But some argue developers won't build in the outerboroughs without the tax breaks.