Raising the stakes on homeless space
The Real Deal | January 3, 2019
To get a handle on the city’s fast-growing homeless population, Mayor de Blasio announced his Turning the Tide initiative in February 2017. The plan seeks to phase out roughly 3,000 cluster-site apartments by 2021, as well as rooms rented in some 80 hotels by 2023, and replace them with 90 new facilities built specifically as shelters. And to meet that goal in time, the city will need to rely heavily on private developers, sources say.
While homeless shelters remain a tough sell to affluent communities, a growing number of for-profit developers are seeing the mutual benefits. Women in Need CEO and former City Council Speaker Christine Quinn said the city’s real estate industry has shown “greater interest” in homeless housing since de Blasio’s five-year plan launched.
“The industry and service providers are at the ready to ‘turn the tide’ from plan to reality,” she told TRD. “Now what we need is some cohesion from the city.”