New York Affordable Housing Plans Hits The Skids Due To Financing Woes

Earlier this week, the New York Times ran an article about Mayor Michael Bloomberg’s comments during his weekly radio address that New York City’s housing plans would be delayed due to the current economic conditions and the reduction in prices of federal low-income housing tax credits that help investors finance the building of housing for low-income families. Separately, New Jersey Senators Christopher “Kip” Bateman (R-Somerset) and Senator Phil Haines (R-Burlington) called on NJ Governor Corzine to to follow the lead set forth by New York City and defer New Jersey’s affordable housing programs. Both Bloomberg and Corzine, a former Goldman Sachs Officer, have a tremendous amount of business knowledge and experience in the private sector in their previous careers. The different approaches taken by both officials marks two different strategies, one of conservation and pragmatism (and realistic) and the other of a continuing desire to pursue an admirable goal and putting pressure on his colleagues to perform and achieve success. Even if Corzine rethinks his strategy in the coming months, you can certainly tell he came from the Goldman Sachs culture.