Educating Zohran: What nonprofit housing actually costs

Here’s another reality check for Zohran Mamdani: A nonprofit is spending nearly $1 million per unit to build affordable housing for seniors, despite only putting up studios and one-bedrooms. The latest example disproving Mamdani’s claim that he can build affordable housing for $500,000 per unit — with union labor, no less — comes from the Grand Street Guild. As Lilah Burke reported in The Real Deal, the nonprofit has patched together financing for a $176 million, 191-unit project on the Lower East Side. Her article shows the complexity and cost of subsidized housing. The Guild is getting $19.5 million from […]This article originally appeared on The Real Deal. Click here to read the full story.