Professor Lynne Weikart, PhD

The Low-Income Housing Tax Credit (LIHTC) is a terrible program. What is it? It is the principal path the federal government adopted to provide low-income housing except it doesn't. LIHTC birthed in Reagan's infamous tax bill of 1986, gave  private investors  "a federal income tax credit as an incentive to make equity investments in affordable rental housing." If a developer agrees to 20 percent of the units being so called low-income, then the developer is eligible for the tax credit for those units. However, there are two major flaws: the units are not really low-income and the entire program disappears after 30 years when the developer can charge market rates.  LIHTC became the brainchild of the real estate industry that was desperate to stop the construction of public housing in which the real estate sages could not profit. And stop it they did. Now, almost 40 years later, even liberal think tanks, like the Urban Institute, will laud the successes of LIHTC. After...

 In June 2021, the NYS Legislature passed a bill with a $100 million price tag that would permit hotel owners to convert their closed hotels to low income housing for the homeless. It is almost a year later and not one conversion has taken place. Housing advocates celebrated when the state legislature passed the bill. But the state legislature was only half done. The legislators needed to get rid of the needless regulations so that the closed hotels could become residences. Nothing has happened. There are two classes of hotels - those in commercial zoning and not in residential zoning so that it is not possible to convert these hotels without a zoning change. A simple fix is to suspend zoning for any hotel in a commercial zone. Such a fix has not happened. Another class of hotels are those already in residential zoning but need to come up to code. A simple fix is to suspend the code. There are almost 50,000 homeless people in the city of New York. Does it really matter if the doorw...