Governor Hochul Signs Legislation Creating New York City Public Housing Preservation Trust
Governor Hochul last week signed legislation establishing the New York City Public Housing Preservation Trust and paving the way for the overdue repair, rehabilitation, and modernization of 25,000 apartments under control of the New York City Housing Authority.
The new law will unlock the authority's ability to invest billions of dollars in capital to stabilize its buildings by establishing the Trust as a public benefit corporation able to issue bonds and raise capital for comprehensive building renovations and improvements. As a result, basic environmental health and safety issues, such as lead, mold, heating, elevators, pests, as well as other systems work, apartment rehabilitation, and grounds improvements, will be better funded and completed more quickly. NYC labor leaders including Building and Construction Trades Council of Greater NY President Gary LaBarbera, Teamsters Local 237 President Greg Floyd, Mason Tenders District Council of Greater NY Business Manager Michael Hellstrom, and Laborers Local 79 Business Manager Michael Prohaska praised the action, which will bring critical and long overdue investment to NYCHA residences while creating thousands of union, prevailing wage jobs for New York City residents in the process. Read more here!