Perhaps Rube Goldberg Can Fix The Woes Of the New York City Housing Authority
/Over the years I have returned repeatedly to the subject of the New York City Housing Authority, or NYCHA.
Begun with great optimism prior to World War II, NYCHA expanded rapidly in the 1960s and 70s, until it housed around 500,000 people. The economic model was always pure unmodified socialism — the government owns everything, rents are tied to income (“to each according to his needs”), and any shortfalls in paying costs fall on the taxpayers. But after all, we will save oodles of money because there will be no profits for the evil developers. For a few of my prior posts, see here, here and here
The socialist economic model always lacked any mechanism to renew the capital investment in the buildings as they aged. After 2000, buildings were turning 30, 40 and even 50 years old.
Beginning in the 2010s, NYCHA started regularly announcing large sums of money that it claimed it needed urgently for major repairs to these buildings.