Editor's Note: Though not explicitly about the tech or startup environment in New York City this story is worth noting. Startups think about their 'burn rate' and whether they have the capital to take risks on a business strategy. So too must entreprepeurs and workers at startup companies weigh their resources against their burn rates. They call it their household budget. In New York City an outsized percentage of income can easily be spent on rent. Any government initiative or market force that affects this percentage is news in the tech and startup world.
Re: “The price of success” (June 12): I am incredibly proud of the affordable-housing plan we’ve developed and are delivering on time and on budget. This is the most far-reaching and comprehensive affordable-housing program of any city in the nation, and contrary to the critics, it’s one that is engaging nonprofits and serving lower-income families more than any plan before it.
A third of the 63,398 affordable apartments being built and preserved so far are being undertaken by the nonprofit sector. That is a huge leap forward that’s helping community organizations serve more people and grow their capacity in the housing business. We’re also engaging MWBE firms—for-profit companies founded and run by women and minorities—in affordable housing like never before. We just carved out and awarded six of our best public sites to MWBE firms, as an investment in their growth and involvement in their communities.Read Complete Article