NYCHA Needs $78B For Much-Needed Repairs, Upgrades: Study

NEW YORK CITY — NYCHA needs $78.3 billion for much-needed repairs and upgrades for its properties that house nearly 361,000 New Yorkers, according to a jaw-dropping new official study.

The stupefying sum outlined in NYCHA's latest physical needs assessment study released Wednesday is 73 percent higher than estimated five years ago.

Rising construction costs, as well as deteriorating buildings, lead paint removal and other looming needs, all contributed to the astronomical estimate, the study found.

The average cost per apartment is enough to buy a large-size house in most localities that aren't New York City: $485,000, according to the study.

"The 2023 PNA demonstrates the tremendous magnitude and scale of the needs and challenges of NYCHA, following decades of disinvestment in public housing in New York City and across the country," said NYCHA CEO Lisa Bova-Hiatt in a statement.

The estimate covers a 20-year span, but the study makes clear most repairs can't wait that long.

About half the estimate, or $42.1 billion, is for NYCHA assets needing replacement immediately or within the next year, the study states.

And 77 percent, or $60.3 billion, is for assets that need replacement in within the next five years, according to the study.

The study also makes hints that funding could be a problem.

Only $38 billion of the estimate can be addressed through ongoing or planned projects, the study states.