Pricey NY apartments to rise on public housing
NEW YORK (AP) — New Yorkers pay dearly for the privilege of living in one of the world’s great cities. But would they shell out top dollar for an apartment on the grounds of a public housing project?
That scenario could play out across Manhattan under an unprecedented proposal by the city housing authority to lease out public housing land and allow developers to build market-rate apartment buildings.
An estimated $50 million per year generated by the developments would help replace decades-old heating systems, elevators and roofs.
The proposal is awaiting federal approval.
Rich and poor already live in close proximity to each other in New York. But some public housing residents are worried they might be looked down upon by their new, well-to-do neighbors.