The New York City Housing Authority said Wednesday that it needs $78.3 billion to address all of its outstanding repair needs, nearly double the estimate of five years ago as the city’s public housing stock continues to age and deteriorate.
The jaw-dropping estimate came in NYCHA’s newly-released 20-year needs assessment, which noted that more than half of the total repair needs are for assets that must be replaced within the next year, while 77% of needs must be addressed in five years. Just five years ago, NYCHA’s outstanding capital needs were estimated at $45.2 billion, which itself was considered a staggering figure.
