Over 90% of NY capital project financing comes through public authorities selling bonds. Bonds/debt aren’t inherently bad. Like all tools, it depends on how they’re used. Without bonds large scale public projects are literally impossible.
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Oof. The NYCHA Preservation Trust (shorthand = blueprint) creates a public trust that can own and manage 25,000 units of currently NYCHA owned properties. That Trust (if created) would have capacities that NYCHA currently doesn't have. 1/3
It could have access to more generous federal subsidy programs (increasing the federal public operative subsidy to NYCHA by several billion a year), and give NYCHA the capacity to issue bonds/take on debt 2/3
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The Trust is proposed State law. RAD (Rental Assistance Demonstration) is a federal program that has been used to convert 100s of thousands of public housing units across the country to private management. 3/WAY MORE THAN 3
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There are different RAD rules in every housing authority that implements it. The lowest-common-denominator rules (federal rules) are QUITE BAD include full transfer of the properties to private real estate. 4/
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