Affordable Housing Pros See Promise In NYC-Backed Insurer

Herrick Real Estate partner, Neil R. Shapiro, was quoted in Law360 discussing a proposed New York City-backed insurance program may lower operating costs for affordable housing providers, but key details remain unclear.

The article noted that "Mayor Zohran Mamdani's plan to insure 100,000 homes by 2030 represents a positive step in the effort to preserve the affordable housing stock in New York City, where landlords' premium costs are rising sharply."

"It was announced with little detail," said Neil. "It's impossible to evaluate its likelihood of success."

Neil, while describing the initiative as a good first step, said he wants to know what kinds of conditions might be tied to participating in the program and how much premium cost savings the program will ultimately yield.

Read the full article in Law360 here. Access may require a subscription.