NYC's Underused Space: A New Housing Solution

New York Citys vast underutilized public land, totaling over fifty million square feet, presents a golden opportunity to build more than one hundred thousand affordable housing units. However, the current practice of ninety-nine-year ground leases poses challenges such as complex financing, rent disputes, and underinvestment. Selling the land outright or forming joint ventures could streamline the process, provide quick cash, and ensure affordability or profit-sharing, ultimately accelerating housing production and benefiting those in need.

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