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NYC looking to sell $1B of public-housing air rights

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NYC looking to sell $1B of public-housing air rights

As part of its NYCHA 2.0 plan, Mayor Bill de Blasio's administration plans to sell $1 billion of New York City Housing Authority unused air rights to developers as part of an initiative to improve public housing in the city, Crain's New York Business reported.

According to the report, the administration's plan also calls for using underutilized public land to develop predominantly market-rate housing, focusing on capital needs such as broken elevators and heating systems.

Proceeds generated from the new buildings would go toward repairs at neighboring complexes, the publication noted.

The New York City Housing Authority expects to generate $3 billion through air rights sales and development and to receive $8 billion in federal funding, according to the publication.