A New York casino with affordable housing – New York Daily News

Recent Findings from the City Department of Housing Preservation and Development revealed an alarming drop in the apartment vacancy rate. Freefalling to a historic low of 1.4%, the lowest since 1968, only 33,000 homes were available for rent citywide in February 2024.

These sobering statistics, coupled with the city’s growing homeless epidemic, underscore the stark reality that we are facing a housing crisis of monumental proportions.

The crisis is a stark reminder that developers and government, both at the city and state level, must work together and act vigorously to invest in New York's future through affordable housing development.

Since New York Gaming Facilities Council announced the option of gaming licenses in Upstate New York for the first time in history, entertainment and gaming developers and partners are eagerly pursuing opportunities at locations across the five boroughs.

While zoning proposals and plans are deliberated, opportunities to benefit and invest in our communities by providing affordable housing options should be welcomed with enthusiasm, efficiency and priority.

The creation of affordable housing is a top priority for the Soloviev Group and is fully in line with our mission of socially responsible development. From the first stages of writing our proposal Liberty Squarea transformation plan for 6.7 undeveloped acres on First Avenue. between 38th and 41st Streets, affordable housing was a crucial aspect of the project for us and our partner Mohegan.

The seriousness of the situation has been recognized by our state and city leaders. Ambitious housing goals of hundreds of thousands of new homes were recently set by Governor Hochul and Mayor Adams, with millions of dollars in funding, bonds and grants continually awarded to create and preserve affordable housing across the state.

But these processes are subject to standard approvals, modifications and delays, and since so many New Yorkers desperately need affordable housing today, much of the responsibility for providing these options will fall on us as developers .

With every entitlement request, we must do our part as developers to understand priorities and, most importantly, improve the quality of life in the neighborhoods in which we have the privilege to build.

We should be guided by feedback received in open and honest conversations with residents and neighbors, listening to their concerns and collaborating with them as plans are developed. Only by achieving this understanding of priorities can we achieve the best possible end result and achieve win-win development.

While many are currently concerned about access to affordable housing, what better way to improve our communities and contribute positively to the economic and cultural life of New York City than by providing New Yorkers with a way accessible and affordable to remain an integral part of the city. the city they love?

The reality is that affordable and accessible housing should be part of every proposal and plan for New York City to help combat housing insecurity. Amid the challenges posed by the current economic and regulatory environment, realistic affordable housing development will require a shift in focus and innovative, out-of-the-box approaches.

Revenues generated by the project will be leveraged to transform Freedom Plaza into a profit-rich downtown area. In an effort to help New York City, we included 513 affordable housing units, as well as a daycare, museum and local grocery store.

The funds will also create nearly five acres of publicly accessible landscaped open space with programming informed by community discussions. With changes made in favor of maximizing public use of open space, Freedom Plaza will offer a children's play area, a dog play area, a sculpture garden, a large green lawn, numerous nooks lounges and an open-air amphitheater.

We are proud to have been a member of this community for decades and recognize that the economic crisis caused by the pandemic and the years that followed have taken a toll on many of the city's citizens and families. As we look to the future, we look forward to doing our part and are committed to supporting the City's ongoing efforts, while advocating for others in what they do citywide.

As decision-makers work through the casino process, we will continue to collaborate with residents, as well as community and local leaders, to ensure this development benefits New Yorkers. This is a transformative moment to seize opportunities and leverage an investment in our city that will improve the quality of life for our neighbors for years to come.

Hershman is CEO of the Soloviev Group, which includes hospitality, commercial and residential development, agriculture, energy, logistics and philanthropy.