The Dire State of Public Housing

Public housing projects across the nation are falling apart, the New York Times recently reported. New York City housing authority tenants have to wait at least three years for basic repairs. The U.S. Department of Housing and Urban Development (HUD) estimates that it would cost between $22 billion and $32 billion to rehabilitate the nation’s federally funded housing projects. In fact, HUD want to allow the local quasi-public agencies that own and manage these projects to raise the necessary funds by borrowing public and private capital, using their land and buildings as equity.