October 27, 2017
- The city of New York is hard at work to promote an expansion of affordable housing. Mayor Bill de Blasio’s affordable housing plan is projected to complete its final phase of “building or preserving 200,000 below-market-rate apartments” in the year 2020. This completion date comes two years before its projected end date of 2022. Further, the New York City government recently approved a $275 million fund geared towards preserving affordable housing.
- The U.S. Commerce Department recently released data analyzing single-family home sales. Based on the Commerce Department’s data, home sales rose by a whopping 18% in the month of September. This increase places single-family home sales at a rate closer to the pre-financial crisis rate. Though this growth depicts signs of a stronger economy, the inventory of new homes remains constant.