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- Title
COMMUNITY OWNERSHIP IN NEW YORK CITY: THE HOUSING DEVELOPMENT FUND CORPORATION.
- Authors
OKAFOR, KRYSTLE
- Abstract
Community ownership refers to tenures and tactics for the shared acquisition, financing, development, rehabilitation, and stewardship of land and housing among residents in a local community. As the COVID-19 pandemic softens multifamily housing markets, tenant activists, policy advocates, and progressive legislators have trumpeted community-owned real estate as a stabilizing force. New York City has long piloted forms of community ownership. An outgrowth of the 1970s fiscal crisis that allowed low-income New Yorkers to found housing cooperatives with their "sweat equity," Housing Development Fund Corporations (HDFCs) presaged the current moment, demonstrating the viability of non-market approaches to housing provision, especially in Black and Latinx neighborhoods withstanding "organized abandonment." Despite their successes, HDFCs face challenges and tradeoffs, both of which offer prescient lessons for emerging forms of community ownership. A thorough examination of HDFCs' triumphs and travails illuminates the potential of community ownership as an alternative to commodified housing and the racial differentiation that underlies it. As exemplified by HDFCs, the promise of community ownership is its ability to contest markets by generating scalable alternatives to profit-oriented institutions that betray a historic and present bent toward antagonizing people of color.
- Subjects
HOUSING development; COVID-19 pandemic; HOUSING Development Fund Inc.
- Publication
New York University Environmental Law Journal, 2022, Vol 30, Issue 3, p413
- ISSN
1061-8651
- Publication type
Article