City Council Speaker Christine Quinn, in her final State of the City address, promised it would become more affordable to live and work in New York in the years to come.
Quinn, who will be term limited out of the Council at the end of this year, is a heavy favorite on the Democratic side as a mayoral candidate.
“Every day, as I travel the five boroughs, I talk to people with those same hopes for the future, with the same incredible work ethic, and the same belief that there is no better place to be than New York City,” Quinn said. “I’m incredibly proud that in the last seven years, this City Council has built a record, not of words and criticisms, but of actions and results.”
In her hour-plus speech, Quinn promised to ensure the working middle class be able to stay and prosper in the city — and will do so through a number of current and future programs.
“Our top priority must be to keep our middle class here, attract new middle class families, and give every New Yorker the opportunity to enter the middle class,” she said. “Simply put, we face an affordability crisis in our city and it cuts right at the fabric of New York. We need to make sure that the people who want to stay in our great city can afford to stay here.”
On a related note, Quinn announced an incentive for residential building owners to convert a certain number of units into affordable housing. In return, the city will cap property taxes on the building based on rental intake.
“It’s a win for them, a win for middle class renters, and a win for the city,” Quinn said. “This is how we retain economic diversity in neighborhoods that have become harder to reach for the middle class.”