Donald Trump’s promise to cut regulations and reduce taxes has sparked discussions on how these changes might affect New York City’s housing market. With plans to reintroduce tax benefits for real estate developers and potentially lift some zoning restrictions, there’s speculation on whether this will lead to a boom in construction or exacerbate gentrification.
Real estate experts like Noah Wilson predict a surge in luxury developments, particularly if tax incentives make high-end projects more profitable. However, this might not translate to affordable housing solutions, potentially pushing lower-income families further from the city center or out of the city altogether.
On the flip side, the proposed cuts to public housing funding could strain the New York City Housing Authority (NYCHA), already struggling with maintenance and modernization. Critics argue that this could lead to increased rent for current tenants or even privatization efforts, changing the landscape of public housing in NYC.
The city’s response includes exploring local funding solutions or partnerships to mitigate any negative impacts, but the uncertainty has already begun to affect housing market dynamics.