15 Years of Research, Analysis and Insight (Pdf: 4

Furman Center f o r real estate & urban poli c y N e w Y o r k U n i v e r s i t y 15 Years of Research, Analysis and Insight school of law • wagner school of public service Furman Center f o r real estate & urban poli c y N e w Y o r k U n i v e r s i t y

school of law • wagner school of public service

The Furman Center for Real Estate and Urban Policy is a joint research center of the New York University School of Law and the New York University Robert F. Wagner Graduate School of Public Service. Since its founding in 1995, the Furman Center has become a leading academic research center devoted to the public policy aspects of land use, real estate development and housing. The Center is dedicated to the following three missions:

n Providing objective academic and empirical research on the legal and public policy issues involving land use, real estate, housing and urban affairs in the United States;

n Promoting frank and productive discussions among elected and appointed officials, leaders of the real estate industry, leaders of non-profit housing and community development organizations, scholars, faculty and students about critical issues in land use, real estate and urban policy; and

n Presenting essential data and analysis about the state of New York City’s housing and neighborhoods to all those involved in land use, real estate development, community economic development, housing, urban economics and urban policy. 1

Directors’ Letter

Dear Friends and Colleagues: Originally, the Furman Center focused “The idea behind the Center is that we weren’t most of its research on New York City, The 15th anniversary of the Furman but today our research is national in just a think tank…. Every project we did ultimately Center for Real Estate and Urban Policy scope. In 2009, for example, we joined is a good time to take stock of our ac- a national research consortium funded was published in a scholarly journal or book. But, complishments and plan for the future, by leading foundations—The What to ensure that we remain a distinctive Works Collaborative—working hand we were also more than an ivory-tower academic and trusted voice at the forefront of ac- in hand with The Brookings Institu- institution, because every project directly ad- ademic and public policy debates. tion, The Urban Institute, and Har- vard’s Joint Center for Housing Stud- dressed current policy problems and debates.” The Furman Center was founded as an ies to provide timely research and Michael H. Schill, Dean of the University of Chicago Law School and academic research center committed analysis to directly inform the new Ad- – to the highest standards of interdis- ministration’s national housing and founding faculty director of the Furman Center ciplinary empirical and legal research urban policy agenda. about housing, land use, real estate, and urban affairs. While these core val- The recent housing and economic In celebration of our 15th year, we in- services, and attend the various events ues have not wavered over the past fif- crisis has led to new, urgent demands vite you to read more about our history we sponsor to promote productive and teen years, the Furman Center has for our research and data analysis, as and our diverse and talented team. We honest discussion. We value your in- changed significantly. policymakers seek to better under- hope reading about our work will in- terest and support of the Furman Cen- stand what went wrong and determine spire you to explore our research, use ter, and look forward to opportunities When it started, the Center had just one which strategies will most effectively our valuable data and information to work together in the future. post-doctoral fellow to assist a few ded- allow us to recover and rebuild. To re- icated faculty members with research. spond to these demands, we launched The Center now leverages the extraordi- our Institute for Affordable Housing vicki been (law ’83) ingrid gould ellen nary resources of New York University, Policy in 2010. The Institute builds on especially its School of Law and Rob- the Furman Center’s history of trans- ert F. Wagner Graduate School of Pub- lating academic research for policy au- lic Service, to bring as many as 35 stu- diences by providing evidence-based Faculty Director Faculty Co-Director dents a year together with faculty from support for policymakers trying to de- Boxer Family Professor of Law at Professor of Urban Planning and Public across the University to address the velop effective solutions to national New York University School of Law Policy at New York University’s Wagner challenges facing urban America. housing issues. Graduate School of Public Service 2

The Furman Center publishes the first 15 Years of Research, “State of New York City’s Housing and Neighborhoods,” a compilation of statis- Analysis and Insight: tics on housing, demographics and quality of life in New York City, its five A Timeline Jay Furman (Law ’71), boroughs and 59 an international real community districts. The Center introduces estate investor and de- its Housing and Land veloper, endows the Michael Schill and Use Policy Breakfast Michael Schill, Jerry Center, which is re- Susan Wachter Series, bringing to- Salama, and Martha named the Furman publish “Principles gether policymakers, Stark release Reducing Center for Real Estate to Guide Housing academics, advocates, the Cost of New Hous- and Urban Policy Policy in the New and leaders of the real ing Construction in in his honor. Millennium,” in estate industry for New York City, outlin- Cityscape: A Journal candid discussions of ing the regulatory bar- The Center begins to of Policy Development current controversies. riers to building hous- host visiting scholars and Research. Professor ing in New York City. such as Shaun Dono- Schill gives a keynote Michael Schill, Ben They present findings van, who would later address on the paper The Furman Center Scafidi, Susan Wachter, to the New York City become Commissioner at the U.S. Department wins a major federal and Dennis Culhane Partnership, New York of New York City’s De- of Housing and Urban grant to create the publish “An Economic City Housing Partner- partment of Housing Development confer- New York City Analysis of Housing ship and the Depart- Preservation and De- ence, Housing Policy in Housing and Neigh- Abandonment,” sug- ment of Housing Pres- velopment, and subse- the New Millennium. borhood Information gesting ways policy- ervation and Devel- quently, Secretary of System (NYCHANIS), makers can anticipate opment and receive the U.S. Department Michael Schill, Dick which allows the and prevent abandoned considerable media of Housing and Urban Netzer and Scott Susin Center to make data housing, in the Journal attention. Development. publish “Changing on the city’s housing The Center hosts of Housing Economics. Water and Sewer Fi- and demographics its first conference, The State University Harvard University nance: Distributional accessible online. Housing and Commu- Samantha Friedman, of New York Press Press publishes Impacts and Effects on nity Development in Emily Rosenbaum, and publishes Housing and Sharing America’s the Viability of Afford- Ingrid Gould Ellen, Michael Schill, the New Fiscal Environ- Michael Schill publish Development in New Neighborhoods: The able Housing” in the Michael Schill, Amy Professor at the ment: New Directions “The Housing Condi- York City: Facing the Prospects for Stable Journal of the American Ellen Schwartz and New York University for New York City. tions of Immigrants Future, a collection Racial Integration Planning Association, Ioan Voicu publish School of Law (now in New York City” in of works edited by authored by Ingrid based on a 1999 report “Revitalizing Inner-City Dean, University of Michael Schill pub- the Journal of Housing Michael Schill, explor- Gould Ellen. This path- presented to the New Neighborhoods: New Chicago Law School), lishes “Assessing the The Center begins Research. It examines ing policy and practice breaking book pres- York City Department York City’s Ten Year founds the Center for Role of Community a post-doctoral homeownership, across a broad range of ents new empirical evi- of Housing Preserva- Plan” in Housing Pol- Real Estate and Urban Development Corpora- fellowship program affordability, crowd- topics, including public dence about residential tion and Development, icy Debate, beginning a Policy to produce rig- tions in Inner City Eco- to help train econo- ing, and housing qual- housing, homelessness, decision-making that the Department of series of research proj- orous, objective and nomic Development” mists, planners and ity among foreign- private sector hous- changes the national Environmental Pro- ects exploring the im- policy-relevant in the Review of Law lawyers for academic and native-born ing and public-private conversation about tection and the pact of the city’s hous- research. and Social Change. and research careers. households. partnerships. “white flight.” Water Board. ing investments.

1995 1996 1997 1998 1999 2000 2001 2002 3

The Furman Center launches its new Institute for Afford- able Housing Policy, made possible by Ronald E. Moelis The Furman Center, (Law ’82). Mayor with funding from Vicki Been and Allegra Bloomberg announces the Ford Foundation, Glashausser publish his third-term hous- holds a major national “Tenants: Innocent Vic- ing agenda at the Insti- conference on strate- tims of the Nation’s tute’s launch event. gies to address the glut Foreclosure Crisis” in of foreclosed homes, the Albany Government The Russell Sage Transforming Fore- Law Review, spurring a Foundation publishes closed Properties into national conversation How to House the Community Assets. about protections for Homeless, edited by tenants, and leading Ingrid Gould Ellen and Policy briefs such as to policy changes by Brendan O’Flaherty, “The Effects of Inclu- financial institutions which grew out of a sionary Zoning on Lo- and government. conference the Furman cal Housing Markets: Center co-sponsored. The Furman Center Ingrid Gould Ellen, Lessons from the San The Furman Center Ingrid Gould Ellen, revises its annual Amy Ellen Schwartz Francisco, Washington convenes a national The Furman Center Amy Ellen Schwartz, “State of the New York and Ioan Voicu publish DC and Suburban Bos- policy conference, releases the first Michael Schill and Ioan City’s Housing and “The External Effects ton Areas” influence A Crisis is a Terrible comprehensive statis- Voicu publish “Hous- Neighborhood” to add of Place-Based Subsi- policymakers across Thing to Waste: Trans- tical analysis of New ing Production Sub- Vicki Been, Professor detailed analyses of dized Housing” in Re- the nation. forming America’s York City’s rezoning sidies and Neighbor- of Law at NYU’s School citywide trends. This gional Science and Ur- Housing Policy, bring- program, examining hood Revitalization: of Law, becomes fac- edition calls attention ban Economics, one in The Furman Center Vicki Been and ing academics and pol- the net impact that re- New York City’s Ten ulty director. Ingrid to the loss of 200,000 a series of papers ex- publishes its first pol- Ioan Voicu publish icymakers together to cent rezonings have Year Capital Plan for Gould Ellen, Profes- units of affordable ploring how affordable icy brief “The Benefits “The Effect of Com- examine federal on the city’s ability to Housing” in Economic sor of Urban Planning housing between housing affects sur- of Business Improve- munity Gardens on housing policy. grow. The policy brief Policy Review, tackling and Public Policy at 2002 and 2005. rounding neighbor- ment Districts: Evi- Neighboring Property catalyzes a larger de- a perennial question in NYU’s Robert F. Wag- hoods. dence from New York Values” in Real Estate The Furman Center bate about land use housing policy about ner Graduate School Vicki Been publishes City.” Mayor Bloom- Economics, providing becomes a member of processes in New the form housing assis- of Public Service, “Impact Fees and Hous- Ingrid Gould Ellen berg discusses the find- new empirical evidence the What Works Col- York City. tance should take. becomes faculty ing Affordability” in and Ioan Voicu pub- ings on property val- to inform the debate laborative, a national co-director. Cityscape: A Journal of lish “Non-Profit Hous- ues in his weekly on whether and how to foundation-supported The Institute for Amy Ellen Schwartz, Policy Development and ing and Neighborhood radio address. use vacant urban land partnership conduct- Affordable Housing Scott Susin and Ioan Ingrid Gould Ellen, Research, analyzing the Spillovers” in the Jour- as community gardens. ing timely analysis Policy releases an ob- Voicu publish “Has Michael Schill, Amy effects of impact fees, nal of Policy Analysis The Furman Center to inform a national jective assessment of Falling Crime Driven Ellen Schwartz and particularly on vulner- and Management, win- hosts Housing and Ingrid Gould Ellen, housing and urban alternative proposals New York City’s Real Ioan Voicu write “The able populations. Pro- ning the Vernon prize America’s Future, a Jenny Schuetz and policy agenda. for the future of Fan- Estate Boom?” in the Role of Cities in Pro- fessor Been also pres- for the best article in policy address which Vicki Been publish nie Mae and Freddie Journal of Housing viding Housing Assis- ents the paper at the the journal for 2006. included the an- “The Neighborhood Ef- Sarah Gerecke joins Mac. Ingrid Gould Research, finding that tance: A New York Per- first ever U.S. Depart- They find that non- nouncement of a $25 fects of Concentrated the Furman Center Ellen discusses key falling crime rates spective,” published in ment of Housing and profit and for-profit million investment in Foreclosures” in the as executive director, conclusions at the were responsible for City Taxes, City Spend- Urban Development housing development housing research by Journal of Housing Eco- marking a new level of Obama Administra- about a third of the ing: Essays in Honor of Research Conference on can produce positive the John D. and Cath- nomics, examining how commitment to grow- tion’s Conference post-1994 boom in Dick Netzer, edited by Regulatory Barriers to benefits to surround- erine T. MacArthur communities are im- ing the Center and on the Future of property values. Amy Ellen Schwartz. Affordable Housing. ing communities. Foundation. pacted by foreclosures. expanding its impact. Housing Finance.

2003 2004 2005 2006 2007 2008 2009 2010 4 Research uh f u wr ses o etr un- better to seeks work our of Much waysthatforeclosures affect homeown- for homeowners, as well as multi-family n ad otae rss w hv ex- have we crises, mortgage and ing iis icuig hi ipc o chil- on impact their including nities, plored the causes of defaults and fore-anddefaults of causesthe plored housingfinance. hous-Throughout the closures, and are studying the myriad of lending mortgage in trends derstand dren’s education and public safety. surrounding commu- and tenants, ers, Foreclosures and Finance Housing Land UseRegulation; andNeighborhoodChange. ing FinanceandForeclosures; Affordable Housing; Our research focuses onfour broad categories: Hous- techniques,metric current issues.to studypertinent applying policyandlegal analyses, aswellecono- neighborhoods. Wetake aninterdisciplinary approach, the affordabilityon andcharacter ofsurrounding public andprivate place-basedinvestments have regulations, real estatedevelopment practices, and various formsimpact oflanduseandhousing The Furman Center’s researchthe examines 1999 and updated in 2005, examined 2005, in updated and 1999 e xmn te viaiiy f afford- of availability the examine We veloping new affordable housing, and housing, affordable new veloping the Cost of New Housing Construction Housing Affordable euaoy ares ht nrae the increase that barriers regulatory Our groundbreaking report, “Reducing in New York City,” which we released in identifythe effects subsidized housing a o sronig neighborhoods. surrounding on has able housing, evaluate strategies for de- cost of housing in New York City. Land use regulations affect the built the affect regulations use Land

onig rpry aus n te ef- the and values property rounding subsidized impacts the on work Our odbe osn, n qaiy f life of quality and housing, fordable af- of provision the growth, new for ordinances zoning inclusionary fects policies and strategies. havehousingnewpricetheofhave on n spotv huig ae n sur- on have housing supportive and niomn, nldn te capacity the including environment, housing affordable informed directly Land Use Regulation Use Land

NYU s Furman Center for Rea Estate & Urban Po cy 3 The Ben f ts of Bus ne s mprovement D tr cts Ev dence from New York C ty

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YorkCity’s capacity for new residential Furman Center released the first sta- first the released Center Furman nesadn pten o neighbor- of patterns Understanding tisticalanalysis theeffectsof the city’s the 2010, In space. open and tation tion of affordable housing. and housing, of supply and price the on have districts historic impacts the to the residential decisions households origi- on impose changes those that theirlocal effect on residents busi- and tive programs have on the composition etr xlrs eea apcs of aspects several explores Center esrs sc a acs t transpor- to access as such measures, make to move into neighborhoods that Furman The development. munity com- promote to wish who icymakers nal residents (especially poor renters), poor (especiallyresidents nal costs the from change, neighborhood pol- for important critically is nesses, o taseal dvlpet rights development transferable how od eeomn ad hne and change, and development hood haveaverage incomestheirlowerthan large-scale rezonings have had on New ol b ue t spot h produc- the support to used be could examining now are We construction. of retail services. incen- business impact the and own, Neighborhood Change Neighborhood 5

Institute for Affordable Housing Policy

The Furman Center has always produced rigorous community development, and academia about key challenges facing New empirical research that meets the highest academic York City, including threats to the mul- standards, while responding to the needs of policymak- tifamily housing stock and long-term challenges of housing affordability. ers. The demand for our work from government, business Recognizing that need, and with the leaders and the non-profit community, has grown dra- support of long-time board member The Institute issues policy briefs and Ronald E. Moelis (Law ’82) of L+M De- working papers on pressing matters re- matically, however, with the mortgage crisis and the in- velopment Partners, the Furman Cen- lated to national rental housing policy and housing finance. In addition, the creasing need for affordable housing across the country. ter launched the Institute for Afford- able Housing Policy in early 2010. The Institute has expanded the Furman Institute expands our capacity to pro- Center’s signature policy breakfast se- duce timely policy analyses and create ries to a national audience. Our spring a thoughtful, neutral place to discuss 2010 series “The Power and Potential what is working and what needs of the Community Reinvestment Act,” improvement. for example, helped shape our testi- mony to federal bank regulators at fed- The Furman Center formally launched eral regulatory hearings in the summer the Institute on February 12, 2010, and fall of 2010. with an inaugural event, “Opportunities and Challenges Facing Affordable Hous- The Institute’s ambitious publication ing in New York City,” co-hosted with the and event agenda is guided by an ad- New York City Department of Housing visory board of thoughtful, dedicated Preservation and Development. The leaders in the affordable housing field. event included a speech by New York City Mayor Michael R. Bloomberg and a roundtable discussion among 70 national leaders in the fields of real estate development, government, finance, 6 Data Analysis and Services

One of the Furman Center’s core missions is to piles key statistics on housing, demo- published and distributed annually to graphics and quality of life for New more than 1,000 policymakers, com- provide data and analysis about housing and neigh- York City, its boroughs and commu- munity groups and community lend- borhoods to all those involved in land use, real estate, nity districts, and analyzes trends over ing organizations, among others. The time. Each volume also explores cur- State of the City is also accessible with- community economic development, housing, urban rent topics in housing and land use in out charge at http://furmancenter.org/ economics, and urban policy. greater detail. In recent years, for ex- research/sonychan/. ample, we focused on New York City’s building boom experienced between Users of Furman Center 1996 and 2006, the state of immigrant Data Services The New York City Housing The State of New York City’s Hous- communities, and trends in mortgage A wide range of groups use the Fur- and Neighborhood Information ing and Neighborhoods Report lending. This essential reference re- man Center’s data services to support The State of New York City’s Hous- System (NYCHANIS) port (which contains only a subset of and target the work they do. Housing In 2004, the Furman Center created ing and Neighborhoods (“State of the data available on NYCHANIS) is and community development groups NYCHANIS to make our detailed New the City”), published annually, com- York City data accessible online at no charge. Users of NYCHANIS can run FORT GREENE / BROOKLYN HEIGHTS – CD 202 their own queries and create custom- Figu e 1 Lots Bu lt Out at Less Than 50% of Their Zoning Capaci y 2008 Sour e N w York City Depar ment of F n nce R al Proper y TY COMMUN 2008 Rank Asse sment Databa e New York Ci y Depar ment of C ty P anning In 2009 the Atlantic Yards mixed use development project MapPLUTO Fu man Center Popula ion 116 528 Popula ion Densi y 1 000 persons per square mi e) 35 9 29 planned by Forest C ty Ratner Compan es (FCRC) cont nued ized tables, charts, and maps at vari- Median Household Income $61 960 13 to face ups and downs In early June FCRC announced hat Income Dive si y Ratio renowned arch tect Frank Gehry wou d be dropped from the

9 3 1 Subsidized Rental Units (% of en al units) 20 4% 15 project In late November a Court of Appeals ruled 6 o 1 that CT STR D Rent Regulated Uni s (% of rental uni s) 36 0% 37 the sta e cou d exercise eminent doma n in cla ming private Res den ial Units within 1/4 M le of a Pa k 99 9% 10 proper y for economic development projects such as A lan ic

Res den ial Uni s wi hin 1 2 M le of a Subway/Rail Ent ance ous geographies. NYCHANIS provides 95 3% 13 Yards FCRC hopes to break ground by March 11 2010 For LES PROF Unused Capacity Rate % of land a ea) 28 6% 29 more nforma ion on th s project v sit www plannyc o g

Households in CD 20420 in Each New w YYo k Cit I com Quint le ( 2 0 08) Index of Housing P ice Apprecia ion (2–4 family bui dings) 1974–2009 CD 202 NYC

$0 $17 737 BROOKLYN historical data, in some cases going 300 0 17 737 $37 865 29 1%

0 37 865 $64 769 21 0% 20 2% 200 15 6% $64 769 $108 114 4 2% 100 back to 1974. 0 108 114 + 1974 1984 1994 2004 2009 Rac al and E hn c Composi ion of CD 1202 versus New York C ty Dur ng the most recent economic boom housing pr ces n reased CD 202112 in 2000 NYC in 2000 CD 112202 n 008 NYC n 2 08 more rapidly in CD 202 han n the City as a whole Though pr ces 80% have fa len somewhat in the past wo years CD 202 has sti l 60% sustained the third highest level of appreciat on since 2000 for 40% 2 4 fam ly bui dings 20%

Wh te B ack Hi panic A ian Rank Rank 2000 2007 2008 2009 (’00) ( 08/ 09) Rental Vacancy Ra e1 3 3% 4 5% 25 18 Cer ificates of Occupancy Issued 84 1 139 594 31 11 Uni s Authorized by New Res den ial Bu lding Permi s 151 1 228 2 998 2 27 50 Homeowne ship Rate 26 3% 33 1% 30 4% 28 29 Index of Housing Price Appreciation (2–4 family bu lding) 2 100 0 275 7 251 9 215 3 3 Median Price per Unit (2–4 fam ly bu lding) 2 $199 338 $479 412 $418 506 $400 000 3 2 Median Monthly Rent $1 042 $992 20 was only about 22% At the community district level the Median Rent Burden 24 9% 25 5% 51 variation was even more dramat c In Brownsvi le Hunts Serious Housing Code Violations (per 1 000 rental units) 38 7 11 9 10 1 23 51 STATE OF NEW YORK CITY’S HOUSING AND NEIGHBORHOODS 2009 Tax De inquencies (% of residential proper ies de inquent >– 1 year) 8 4% 2 4% 2 7% 19 20 Point/Longwood and Belmont/East Tremont CDs 216 Home Purchase Loan Ra e (per 1 000 p ope ties) 74 8 41 7 3 FURMAN CENTER FOR REAL ESTATE AND URBAN POLICY–– NEW YORK UNIVERSITY In this year’s State of the C ty we incorporate some 102 and 106) three of the C ty’s poorest neighborhoods High Cost Home Purchase Loans (% of home purchase loans) 2 5% 1 0% 53 of this research by adding a new indicator at the City a majority of the residentially zoned land area was built Refinance Loan Ra e (per 1 000 properties) 23 4 16 5 14 High Cost Refinance Loans % of refinance loans) 15 9% 5 7% 40 borough and CD level the Unused Capacity Rate The out at less than half its zoning capacity At the other Notices of Fo eclosure Rate (per 1 000 1– 4 fam ly p ope ties) 14 1 16 1 17 9 17 8 22 33 Unused Capac ty Rate for a g ven area s equal to (i) the extreme Greenwich Vi lage/SoHo (CD 302) had the low Severe Crowding Rate (% of renter househo ds) 2 3% 3 8% 24 aggregate land area of a l of the res dentially zoned lots est Unused Capac ty Rate at only 7% meaning that very Foreign Bo n Population 16 9% 18 8% 17 7% 53 53 Racial Diversity Index 0 69 0 70 0 68 9 8 in that area that are built out at less than 50% of the r little of the neighborhood was available for additional Househo ds with Ch ldren under 18 Yea s Old 24 7% 25 4% 20 7% 48 49 res dent al zoning capacity d vided by ( i) the aggregate development under the current zoning Population Aged 65 and Older 9 8% 9 5% 11 1% 37 32 Poverty Rate land area of a l residentially zoned lots n that area 24 5% 22 0% 20 6% 21 21 Unemployment Rate 10 7% 6 6% 7 6% 20 22 For the City as a whole the Unused Capacity Rate PERCENTAGE OF LAND AREA UPZONED, Mean Travel Time to Wo k (minutes) 35 7 34 2 33 5 46 47 was about 30% in 2008 Across the City however there DOWNZONED AND CONTEXTUAL ONLY Felony C ime Rate (per 1 000 residents) 70 0 51 5 4 REZONED Students Pe forming at Grade Level in Reading 34 3% 47 3% 55 6% 66 4% 39 36 is wide variation from borough to borough and ne ghbor Students Pe forming at Grade Level in Ma h 26 5% 58 9% 72 1% 77 6% 42 40 hood to neighborhood In the Bronx for example about The zoned development capacity of a lot is not fixed Indi Asthma Hospita izations (per 1 000 esidents) 3 8 3 5 3 7 16 17 3 40% of the residentially zoned land area in 2008 was bui t v dual property owners often apply for variances from Eleva ed Blood Lead Levels (inc dence per 1 000 residen s) 23 7 8 9 6 2 11 21 Net Waste After Recycling (pounds per capita) 2 1 2 3 2 3 31 out at less then ha f of its zoning capacity (see Map 1) In or changes to zoning restrictions so they can bu ld larger 1 The r nta vac ncy r te pr sen ed for 008 is an a er ge ra e for 2 06 2008 2 Ran ed out of 33 c mmun ty d st i ts wi h the s me p edomi ant hou ing ype (2 4 ami y bu ld ng) Queens on the other hand the Unused Capacity Rate buildings or buildings with otherw se impermissible 3 Samp e i e is ess han 20 newly den ifi d as s n at eas one year re ent d

26 THE FURMAN CENTER FOR REAL ESTATE & URBAN POLICY STATE OF NEW YORK CITY S HOUSING & NEIGHBORHOODS 2009 79 7

“The ease with which we routinely use our data to guide their ef- change for commitments to rent or sell “HDC has more than forts to serve low and moderate income the apartments at affordable rates for have been able to access New Yorkers and the neighborhoods a fixed time. The programs resulted in 145,000 units in our asset this data has allowed us where they live. Advocacy groups reg- the creation of hundreds of thousands management portfolio. ularly use our data and analysis in of subsidized units that are a critical to efficiently create maps their campaigns. Developers, lenders, housing source for low- and moder- Having all the essential in- and charts for numerous and others in the real estate industry ate-income New Yorkers. While many formation in a centralized, use our data to determine where to of these buildings are close to the end reports and presentations make investments based on commu- of their subsidy terms, there is no sin- accessible database will on housing-related topics nity need. Local government officials gle source of information about what provide an unprecedented rely on our data resources to better un- restrictions cover which buildings, or including real estate and derstand the efficacy of various policy when the restrictions will expire, mak- level of support to us and demographic trends, gen- interventions, target resources to high- ing it difficult for government and res- our partners in monitoring need communities, and build the case idents to plan. Recognizing how im- trification patterns, hous- for large policy initiatives. portant better data could be in efforts and preserving affordable to preserve housing affordability, the ing conditions, foreclosure housing in New York City.” The Furman Center also provides free MacArthur Foundation awarded the rates and neighborhood training and technical assistance to Furman Center a three-year grant in terry gigliello, Senior Vice President - Port- users who need help interpreting the folio Management, New York City Housing the spring of 2009 to build a new da- Development Corporation profiles. In particular, three data on NYCHANIS or in the State of tabase (accessible online to the public) of our last four major the City, or require customized sup- that will track at-risk subsidized hous- port to map or analyze data. ing units and support research on how reports have relied heav- best to maintain affordability. This da- ily on data accessed from Looking Forward: The Subsidized tabase will be integrated with NYCHA- Housing Information Project NIS and available to the public online NYCHANIS.” To promote the creation of affordable starting in 2011. greg jost, Deputy Director of University housing in New York City over the past Neighborhood Housing Program, a nonprofit few decades, the federal, state and city organization and Community Development governments have provided public Financial Institution working to create, preserve and finance affordable housing in the subsidies to private developers in ex- Northwest Bronx 8

1 Transforming America’s Housing Policy (2009 ) 2 Home Ownership in the United States and NYC (2000) 3 Solutions to Predatory Lending (2005) 4 Inclusionary Zoning and the Rezoning of Williamsburg/Greenpoint (2005) 5 New Solutions for Housing Extremely Low-Income Households (2010) 6 Transforming America’s Housing Policy (2009) Events 7 Challenges and Opportunities with Multifamily Housing in NYC (2010) 8 Expiring Use: Efforts to Preserve Affordable Housing (2006)9 New York City Department of City Planning’s Strategic Plan (2004)

Leveraging the resources of a world-class university, Housing ’97 Stabilization Program, jump-started In the spring of 1997, on the heels of the critical national conversation on the Furman Center has promoted frank and productive far-reaching changes to New York’s strategies for rebuilding neighborhoods discussion on critical issues in land use, real estate, rent regulation laws, the Center col- decimated by foreclosures. laborated with the New York City Rent and urban policy since its inception. Just as we are Guidelines Board to sponsor a confer- A Crisis is a Terrible Thing to Waste: Transforming America’s Housing Policy committed to producing research that is objective ence examining the way the rent regulation system works. In February 2009, within a few weeks and data-driven, we structure our events as neutral of the Obama Administration taking Neighborhood Development in office, we convened a national confer- forums that engage parties with disparate points of the Digital Age ence. The event brought together over view in productive debate and discussion. In the fall of 2004, following the 200 leaders from banking, govern- Furman Center’s initial launch of ment, housing, community develop- NYCHANIS, we partnered with the ment, and academia to generate con- Federal Reserve Bank of New York to crete ideas about how the Administra- Housing and Land Use n The Future of Middle Class Housing explore the ways in which public agen- tion could tackle the unprecedented Policy Breakfast Series n Foreclosures and Neighborhood cies, community development corpo- housing crisis it faced. Launched in 2000, our Housing and Stabilization in NYC rations, and research and policy orga- Land Use Policy Breakfast series has n The Power and Potential of the nizations use technology to improve, Challenges and Opportunities with developed a reputation for providing Community Reinvestment Act plan and make policy. Multi-family Housing in NYC a venue for thoughtful, honest debate. In February 2010, the New York City Some of the critical topics we’ve ad- Conferences and Roundtables Transforming Foreclosed Properties Department of Housing Preservation dressed include: The Furman Center has hosted large into Community Assets and Development and the Furman Cen- conferences and roundtables since its In May 2008, we convened more than 70 ter’s new Institute for Affording Hous- n Preserving Neighborhood Character founding in order to promote better national experts for an in-depth conver- ing Policy co-sponsored this roundta- vs. Affordable Housing thinking about local and national chal- sation about how best to leverage pub- ble for 70 national and local leaders, n Strategies to Preserve the Afford- lenges. As the examples below demon- lic and private resources to reuse fore- representing community groups, large ability of Expiring HUD-Assisted strate, the conferences bring together closed properties and stabilize neigh- private developers, and academics, to and Mitchell-Lama Housing thought leaders and policymakers borhoods. This event, which took place assess the state of multi-family hous- n Challenges Facing the New York from around the country. more than a year before the federal gov- ing in the midst of the recession. City Housing Authority ernment launched the Neighborhood 2 3

1 4 5

6 8 9 10 Training the Next Generation of Housing and Land Use Leaders

The Furman Center is dedicated to training the next To complement their work on research “Working at the Furman projects, the Furman Center also gives generation of experts and leaders in housing and land students multiple opportunities to en- Center as a graduate stu- use research and policy. Each year, we work with ap- hance their academic and professional dent in urban planning, I development each year, including proximately 35 graduate, law and Ph.D. students who monthly trainings on data or pertinent went from having practi- play an integral role in the Center’s research and data policy issues, regular research-sharing cally no quantitative skills among the Center’s fellows and stu- analysis. These students apply the skills they are learn- dents, and brown bag lunch presen- to the level I’m at now, a ing in the classroom to the Center’s research, while tations on current research which are Social Science Analyst for open to all Law and Wagner students Policy Development and gaining invaluable work and research experience. interested in the topic. Vicki Been and Ingrid Gould Ellen also jointly teach a Research at HUD.”

colloquium which offers law, planning benjamin winter, Masters of Urban and policy students an opportunity to Planning, 2009, Robert F. Wagner Graduate explore the theoretical underpinnings School of Public Service of the leading current debates about such urban policy issues as whether redevelopment controversy or which and how to contain suburban sprawl; embody an area of housing or land use the impacts of various efforts to in- policy area we have studied. Combined, crease the production of affordable these professional development and housing; and the successes and failures learning opportunities help to create of efforts to improve and equalize the a cohesive and multi-disciplinary work quality of education. environment and ensure that Furman Center researchers, students and al- Additionally, the Furman Center spon- ums are among the most capable and sors a field trip each semester to neigh- knowledgeable in their field. Furman Center staff and students (2008) borhoods in the midst of a land use or 11

The People Behind the Center

Faculty Directors Additional Furman Solomon Greene Sewin Chan James Jacobs Kerwin Tesdell Center Staff 2005–2008 Associate Professor of Chief Justice Warren E. Adjunct Professor of Law Vicki Been Public Policy at New York Burger Professor of Constitu- at New York University Faculty Director Bethany O’Neill Ben Scafidi University’s Wagner Gradu- tional Law and the Courts School of Law Boxer Family Professor 1995–1997 Administrative Assistant ate School of Public Service at New York University of Law at New York Frank Upham Jenny Schuetz School of Law University School of Law Max Weselcouch Paula Galowitz Wilf Family Professor of 2006–2008 Data Manager and Professor of Clinical Law Mitchell Moss Property Law at New York Ingrid Gould Ellen Research Analyst Andrew Schinzel at New York University Henry Hart Rice Professor University School of Law Faculty Co-Director of Urban Policy & Planning Michael Williams 2005–2006 School of Law Professor of Urban Planning at New York University’s Lawrence J. White Data Manager and Arthur E. Imperatore and Public Policy at New Scott Susin Clayton Gillette Wagner Graduate School Research Analyst Professor in Entrepreneurial York University’s Wagner 1998–2000 Max E. Greenberg Professor of Public Service Graduate School of of Contract Law at New York Studies at New York Public Service Research Fellows Ioan Voicu University School of Law Katherine M. O’Regan University’s Stern School 2000–2007 Samuel Dastrup Associate Professor of of Business Zhan Guo Public Policy at New York Senior Staff John Infranca Research Affiliates Assistant Professor University’s Wagner Gradu- Josiah Madar The Furman Center for Caroline Bhalla of Urban Planning and ate School of Public Service Associate Director Simon McDonnell Amy Armstrong Transportation Policy at Real Estate and Urban Vincent Reina Adam Gordon New York University’s Jerry Salama Policy would like to thank Caitlyn Brazill Claudia Ayanna Sharygin Rachel Meltzer Wagner Graduate School Adjunct Professor of Law the following people for Policy and Communications Jenny Schuetz of Public Service at New York University their contribution to this Director Mark Willis Ioan Voicu School of Law report: Amy Armstrong, Richard Epstein the primary writer, editor Sarah Gerecke Former Research Laurence A. Tisch Amy Ellen Schwartz and researcher; Michael Executive Director Fellows Furman Center Professor of Law at Professor of Public Policy, Bierman, who designed the Adjunct Assistant Professor Affiliated Faculty New York University Education and Economics of Planning at New York Kitty Kay Chan report; and Caroline Bhalla, 2007–2008 School of Law at New York University’s University’s Wagner Gradu- Oren Bar-Gill Caitlyn Brazill, Amy Bris- Professor of Law at Wagner Graduate School son, Sarah Gerecke, Jenni- ate School of Public Service Roderick M. Hills, Jr. Shaun Donovan New York University of Public Service fer Ilekis, Sandra Katz, Elyse 2001–2002 William T. Comfort, III School of Law Professor of Law at Leanna Stiefel Klayman, Bethany O’Neill New York University Professor of Economics at and Kate Polson for their Andrew Caplin careful research and editing. Professor of Economics at School of Law New York University’s New York University Wagner Graduate School of Public Service 12 Supporters

The Furman Center is Center for Housing Policy Housing Partnership De- New York State Individuals• Martin J. Gross ’81 indebted to New York velopment Corporation* Association for Citigroup John M. Armentano ’64 Rosanne M. Haggerty University’s School of Affordable Housing Citigroup Foundation HSBC Jon F. Hanson Law and Robert F. Wag- Andrew S. Berkman ’71 JP Morgan Office of the Manhattan ner Graduate School Max and Filomen Harry G. Heching ’78 Guaranty Trust Borough President Leonard Boxer ’63 of Public Service. Their D’Agostino Research Open Society Institute Joseph E. Browdy ’61 Richard Holliday leadership and support Fund Jones Day Joseph J. Holzka ’52 have been critical to our Deutsche Bank Katten Muchin Parman Corporation Jonathan Ross Busch- Vogel ’96 Meredith J. Kane growth and accomplish- Deutsche Bank Americas Rosenman LLP Phipps Houses ments over the past Foundation Kramer Levin Naftalis & Real Estate Board of Deirdre A. Carson ’76 Alan M. Kaplan ’65 15 years. Dunn Development Frankel LLP New York William K.M. Chee ’52 Ann M. Kappler ’86 Corporation Lincoln Institute of Research Foundation of Elysabeth K. The Furman Center Sheri P. Chromow ’71 Land Policy the City University Kleinhans ’88 and its Institute for Edna McConnell Clark Nathan Diamond ’40 of New York Affordable Housing Foundation Program for Local Initiatives Support R. Randy Lee New York Neighborhoods Corporation Martin Dunn Policy would also like The Rockefeller Matthew Bliwise ’98 & Reuben S. Leibowitz ’79 to thank the following or- Enterprise Community The M & T Charitable Foundation Nicole Deller Joseph S. Lesser ’57 ganizations and individ- Partners* Foundation Stroock & Stroock & uals for their support of Fannie Mae Foundation* The John D. and Lavan Mark John Eagan, L. Robert Lieb ’65 Esq. ’85 our work over the Ford Foundation Catherine T. MacArthur Surdna Foundation John M. Lizzul ’80 past 15 years: Foundation Stacey Fabrikant Fried, Frank, Harris, Taconic Foundation Joel L. London ’82 Marans Weisz & Shriver and Jacobson Urban Land Institute Bernard B. Falk ’75 Jennifer A. Madrid ’95 Organizations Newman LLC George Link, Jr. U.S. Department of John H. Fenniman ’71 Michael D. Martin ’70 Annie E. Casey Foundation MetLife Foundation* Commerce Jay M. Furman ’71 John K. McIlwain ’70 Foundation Greenpoint Foundation Muss Development LLC U.S. Department of Jonathan S. Gellman Michele McQuillan ’98 Bank of America* Hawkins Delafield & National Center for Real Housing and Urban ’77, ’86 Estate Research Development Jonathan L. Mechanic ’77 BNY Mellon* Wood Zev D. Gewurz ’96 National Housing Ronald E. Moelis ’82 Brooklyn Community The F.B. Heron Washington Mutual Conference Alicia Glen Foundation* Foundation Foundation Richard B. Nashel ’61 New York Community Adam P. Glick Cannon, Heyman & Holliday Development, Weil Gotshal & Manges Jack Parker Trust Foundation Inc. Herbert Z. Gold ’40 Weiss, LLP LLC Herbert S. Podell ’58 *and predecessor organiza- Jonathan D. Green ’75 JPMorgan Chase Housing and Develop- Alan J. Pomerantz ’68 Foundation* ment Law Institute tions or corporations 13

Supporters

Bruce C. Ratner Donald M. Weisberg ’68 Fred Harris ’79 Mitchell B. Rutter ’80 Martin Dunn Brian E. Lawlor Senior Vice President, President, Essex Capital President, Dunn Commissioner and David J. Reiss ’96 Carl B. Weisbrod ’68 Development, Avalon Bay Partners, Ltd. Development Corp. Chief Executive Officer • Meile L. Rockefeller ’98 Alumni of the New York Communities, Inc. New York State Homes & Larry Silverstein Alan Epstein Alan W. Rosenbluth ’62 University School of Law Community Renewal are designated by year of Jonathan L. Mechanic ’77 President, Silverstein Partner, Hirschen Singer & Mitchell B. Rutter ’80 graduation. Chair, Real Estate Depart- Properties Epstein LLP Terri Ludwig Robert M. Safron ’69 ment, Fried, Frank, Harris, Executive Vice President Shriver & Jacobson Elise Wagner ’81 Joseph Geraci and Chief Executive Offi- Keith M. Pattiz & Jill C. Partner, Kramer Levin Managing Director, Furman Center cer, Enterprise Community Scheuer ’77, ’79 Naftalis & Frankel, LLP Citigroup Board of Advisors Ronald E. Moelis ’82 Partners, Inc. Principal, L+M Develop- Morton W. Schomer ’51 Carl B. Weisbrod ’68 Alicia Glen Leonard Boxer ’63 ment Partners, Inc. Patrick J. McEnerney Executive Vice President, Managing Director, Andrew J. Segal ’92 Chair, Real Estate Depart- Managing Director, Trinity Real Estate Goldman Sachs Urban Justin R. Segal ’96 ment, Stroock & Stroock & Jason Muss ’96 Deutsche Bank Lavan Principal, Muss Develop- Investment Group Isaac Sherman ’58 ment, LLC Institute for Afford- Ronald E. Moelis ’82 Rosanne M. Haggerty Steven J. Shore ’71 Sheri P. Chromow ’71 Chief Executive Officer and able Housing Policy President, Common Partner, Katten Muchin Melissa Epstein Pianko Chairman, L+M Develop- Leslie Jayne Snyder ’85 Vice President for Board of Advisors Ground Rosenman, LLP ment Partners, Inc. Axel J. Stawski ’73 Development, Stephen Benjamin Jeffery Hayward Bernard B. Falk ’75 Gotham Organization Denise Notice Scott Stuart J. Stein ’69 Principal, Development Senior Vice President, Senior Vice President Managing Director, The Dermot Company, Inc. Fannie Mae Robert Steinman ’97 Loeb Partners Realty, LLC Herbert S. Podell ’58 Local Initiatives Support Senior Partner, Podell, Jeffrey Brodsky Corporation Susan Fawcett Sosin Jay M. Furman ’71 Schwartz, Schechter & Edmundo Hidalgo Principal, RD President, Related President and Chief Moshe M. Sukenik ’79 Banfield Kenneth D. Wade Management, LLC Management Executive Officer, Ian S. Tattenbaum ’97 Chief Executive Officer, Alan J. Pomerantz ’68 Rafael E. Cestero Chicanos Por La Causa, Inc. Adam P. Glick NeighborWorks America Alice M. & Thomas J. Senior Counsel, Real Es- Commissioner, New York President, Jack Parker Richard Holliday Tisch ’79 tate Department New York, City Department of Adam Weinstein Corporation President, Holliday Orrick, Herrington & Sut- Housing Preservation and President and Chief Execu- Terry J. Tondro ’67 Development Bernell Grier cliffe, LLP Development tive Officer, Phipps Houses Jeffrey S. Ween ’71 Chief Executive Officer, Stephen Ross ’66 LLM Aviva Yakren Jeffrey R. Solomon & Neighborhood Housing President, The Related Partner, Jones Day Audrey S. Weiner Services of New York City Companies Furman Center f o r real estate & urban poli c y N e w Y o r k U n i v e r s i t y

school of law • wagner school of public service

Furman Center for Real Estate and Urban Policy New York University School of Law Wilf Hall, 139 MacDougal Street, 2nd Floor New York, NY 10012 Tel: (212) 998-6713 Fax: (212) 995-4313 Email: [email protected] www.furmancenter.org