There is no substitute for public housing !

A signature de Blasio administration policy that requires developers in rezoned areas to build affordable housing has failed to live up to its promise, a new Manhattan Institute report concludes. Mayor Bill de Blasio hailed the program, known as Mandatory Inclusionary Housing, as a game-changer when it was approved by the City Council in 2016. The policy, which he promised during his 2013 mayoral campaign, was billed as an essential tool to spur the construction of apartments for low- and middle-income people citywide. But the report — authored by former Department of City Planning official Eric Kober — argues flaws in the design of the program have made it ineffective in much of the city without public subsidy, “limit[ing] its utility” without additional financial commitments to affluent areas in which the city has largely shied away from pursuing rezonings that would boost density. The policy was presented “as another way to finance affordable housing that would go beyond the public funding that has historically been available” but has not worked out that way, said Kober, now an adjunct fellow at the fiscally conservative think tank. It was estimated by the city to generate 12,000 affordable apartments over 10 years.