"Foxy Development and Selfhelp Realty Group Show Zohran Mamdani the True Cost of Affordable Housing in Queens and the Bronx"
"The latest developments in Queens and the Bronx prove that Zohran Mamdani's affordable housing pledge is off by a factor of two."
The race for mayor of New York City is heating up, and candidate Zohran Mamdani has made affordable housing a key part of his platform. However, recent developments in Queens and the Bronx show that Mamdani's pledge to build affordable housing for $500,000 per unit with union workers may not be feasible.
One example is the $150 million redevelopment of Parkway Hospital in Forest Hills, led by Jeff Fox's Foxy Development and Selfhelp Realty Group. This project will yield 145 units of affordable and senior housing, but at a cost that is significantly higher than Mamdani's proposed budget.
In addition, New Destiny Housing's $57 million development in the Bronx will have 72 units, including 43 for domestic violence survivors. This further highlights the discrepancy between Mamdani's pledge and the actual costs of building affordable housing.
While Mamdani has yet to respond to these developments, it is clear that his pledge may not be realistic. As one industry insider put it, "Mamdani's affordable housing plan is like the unicorn of New York City real estate - it sounds great, but it's just not feasible."
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/09/17/queens-bronx-projects-show-mamdani-true-cost-of-housing/