NYCHA says it needs around $78 billion to repair all of its developments
The New York City Council held a hearing on Friday for NYCHA’s physical needs assessment.
All 264 developments’ physical conditions were reviewed. In the latest report, NYCHA said it needs roughly $78 billion for repairs and upgrades across the five boroughs.
The amount needed in 2017 was roughly $30 billion less and for at least 60 more properties than what is present now. Some council members asked for an explanation on why the cost has increased so much.
This process of reviewing and evaluating the NYCHA properties takes place once every five years.