New York City’s next mayor will need to spend $1 billion to help owners of affordable housing units avoid defaulting amid surging costs — a predicament that will become even more dire if rents are frozen, according to the New York Housing Conference.
Tens of thousands of the 213,000 affordable housing units subsidized and managed by the city or state are under distress, with expenses far outpacing their rents, according to the nonprofit, which advocates for affordable housing policy. The units, which are financed in part by the