As a councilman, I am proposing legislation that will establish a housing linkage policy in New York City. This policy, also known as a linkage fee program or impact fee, is designed to charge developers for new market-rate construction, with the funds being used to support affordable housing. The primary goals of this policy are to connect market-rate housing development with the needs of low- and moderate-income residents and to ensure equitable development in our
city. This legislation plays a crucial role in promoting fairness and balance in our city's development. 

The legislation will require developers to pay a fee for each square foot of new
construction. These funds will be used to develop low—and moderate-income housing, bringing hope and opportunity to our community. The fees can also fund other public services, ensuring that large-scale real estate development benefits residents with affordable housing and workforce training. 

Why is a housing linkage policy important? First, linkage fees help combat the negative externalities of new real estate developments. Second, linkage fees help ensure that recent development brings direct benefits to low—and moderate-income residents. Third, linkage fees help preserve or create housing and new jobs for low—and moderate-income residents. 

My legislation will require commercial real estate development and luxury housing projects constructed over 100,000 square feet to contribute to a Housing Trust for creating and preserving affordable housing, as well as job training and job readiness initiatives.  The idea of the linkage policy is not new. In 2014, the Association of Bay Area Governments completed a study of San Francisco and the four surrounding counties. It found that 16 cities had residential linkage fees, and 13 cities had commercial linkage fees. It is high time for New York City to catch up with major cities like San Francisco, Los Angeles, Seattle, Boston, San Diego, Oakland, and Berkeley, which face a shortage of housing for low- and moderate-income residents. The adoption of a housing linkage policy is a pressing need for our city.