HPD on exploring land sales and new revenue models for Mitchell-Lamas
Phillips describes Mitchell-Lamas exploring sale of parking lots and undeveloped land to fund trusts offsetting expenses, paying for climate upgrades and capital needs, and creating additional housing.
We are also exploring new revenue models to enable capital improvements and reduce, where possible, future increases.
Some Mitchell Llamas are exploring the sale of their parking lots and other undeveloped land where new housing would be built.
This could provide millions of dollars to fund a trust that would offset increasing expenses, helping to minimize future rent or maintenance fee increases.
It could also pay for climate upgrades and major capital needs such as roof repairs, elevator replacements, and more.
In the process, it will also create more housing to help address
our citywide housing shortage.