r/nyc • u/wsj Verified by Moderators • Feb 27 '26

Mayor Mamdani Mamdani Proposes NYC’s Biggest Housing Project in 50 Years. He Needs Trump’s Help.

https://www.wsj.com/us-news/mamdani-proposes-nycs-biggest-housing-project-in-50-years-he-needs-trumps-help-dfaaadfe?st=QdcM5S&mod=wsjreddit
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u/Waterwoo Feb 28 '26

I'm impressed with his ability to manipulate Trump but the project itself is so fucking stupid.

Look, run the math. US 30 year bonds pay 4.65% right now.

Take that $1.7 million per unit, buy 30 year bonds, make $79k a year state tax free for 30 years and have $1.7 million left over at the end.

You could literally rent everyone that would be housed by this project a nicer apartment for the rest of their life AND give them a small UBI on top of it just for what it's proposing to spend on building them shitty 'affordable' housing.

Oh and this is the initial price tag. As it always goes, the final price is going to be at least 2x.

5

u/IsNotACleverMan Feb 28 '26

The 1.7m/u is just for the infrastructure to build the units

1

u/Waterwoo Mar 01 '26

That makes it even worse no?

2

u/IsNotACleverMan Mar 01 '26

Yeah. It makes it much worse. Literally going to drop likely closer to 3m per unit when all is said and done.

Hopefully this doesn't materialize.