Leonard Grunstein quoted in NY Daily News Voice of the People

Leonard Grunstein was recently quoted in The New York Daily News Voice of the People segment, weighing in on New York City’s current affordable housing crisis. Grunstein urges Mayor de Blasio, who will soon be implementing a new housing plan for the city, to consider another alternative plan found in an op-ed by Edward Glaeser.

The plan advocates for the use of housing vouchers, an under-used resource that provide New Yorkers with the means to afford a home where they choose. A system such as this one would prevent the need for segregated buildings and better allocate city resources.

Mr. Grunstein’s full Voice of the People segment can be found at the New York Daily News.

Leonard Grunstein: Are Smaller Apartments the Solution to New York’s Housing Crisis?

In a recent op-ed, Leonard Grunstein commented on a Furman Center study which suggested that more compact apartment units would better suit current NYC housing needs. Grunstein believes that this study should serve as an indication for city leaders to build a form of housing that is more suitable for today’s NYC residents.

A lack of space for single and two-person households have forced single residents to move into larger apartments, therefore limiting space for larger families. This trend is unsustainable, and more single-room occupancy (SRO) apartments are needed to house a new generation of NYC residents. However, outdated regulations are preventing developers from building these structures – classifying them as hotels rather than residents. Regulations regarding the number of windows, square footage and appliances must be re-evaluated to allow construction for more SRO’s, freeing larger spaces to accommodate families.

Smaller units should be considered when looking at options for solving the city’s current housing crisis.

Leonard Grunstein Quoted in Town & Village Blog

Leonard Grunstein was recently quoted in a newspaper and blog dedicated to the community around Stuyvesant Town and Peter Cooper Village located in Manhattan, commenting on new claims that a court could re-settle a case in which funds were awarded to tenants of the Stuy Town apartments.

“I don’t think that can change,” said Grunstein. “Anything is possible, but it doesn’t sound realistic. You would have to prove that they are overcharging new tenants.” Tenants of Stuy Town at the time of the settlement were granted funds after overpaying rent for unregulated apartments.

Grunstein was hired by the Tenants Association to aid in a tenant-led bid against complex regulators. He discovered that landlords benefiting from J-51 tax abatements could not deregulate apartments, ultimately leading to a victory for the buildings’ residents.

Developer Gerald Guterman recently stated a desire to see the case re-settled, pending participation by current Stuy Town tenants. Gutterman is attempting to generate support from tenants by preparing a letter discussing quality of life issues and questioning whether residents had in fact received the full amount in return for their overpaid rent.

Leonard Grunstein responds to NY Times front page article

Leonard Grunstein recently wrote a letter to the editor responding to a New York Times front page article, Public Housing in City Reaches a Fiscal Crisis.” Grunstein cites the articles as being further proof that the NYC Housing Authority can no longer rely on its current financial model.

According to Grunstein, the deficit faced by the agency is too great to solve the city’s current housing problems. “Rather than using costly government grants and subsidies to keep a flawed agency on life support, the city needs to tap into the power of capital markets.” Grunstein identifies a few options for taking advantage of capital market wealth, including relying more on public-private partnerships such as that of Battery Park City rather than relying fully on public funding.

To read the full response, “Money for Public Housing,” click here.



Leonard Grunstein: The Answer to the Affordable Housing Crisis Is More Housing—A Blueprint for Accessing the Capital Markets to Finance the Creation of New Middle Income and Other Affordable Housing

Recently published in the spring 2014 edition of the Real Estate Finance Journal, Leonard Grunstein’s plan to resolve New York’s affordable housing crisis proposes a new mixed-income, mixed-use model of affordable housing that enables the free-market to fund the development. The full plan can be accessed below.

This article analyzes the affordable housing crisis and proposes a solution.

Part I:

The Affordable Housing Crisis and a Capital Market Solution

Part II:

Middle Income and Other Forms of Affordable Housing—A Study of Definitions

Part III:

Underwriting Middle Income Housing—A Basic Financing Manual

Part IV:

Start with the NYCHA Sites in Manhattan as a Model

Part V:

The Proposed Self-Financed Rent Voucher Program

Part VI:

The Need For Predictability—The AHA and Financeable Ground Lease can be Effective Tools to Accomplish the Mission

Part VII:

Mitchell-Lama and Other Precedents

Part VIII:

The UDC Precedent, Including Battery Park City Authority and the Need for an Affordable Housing Authority


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