Dan Garodnick

City Councilmember

New York, NY

Dan Garodnick was elected to the New York City Council in 2005, and is the Chair of the Economic Development Committee. Garodnick has established himself as a leader in the fight for affordable housing, spearheading the $4.5 billion tenant-backed bid for the purchase of Stuyvesant Town/Peter Cooper Village.  He has led the fight for the sensible redevelopment of East Midtown Manhattan, allowing for additional commercial growth, while ensuring that the public sees improvements to area infrastructure and mass transit. Garodnick has authored some of the most important legislation to pass the Council in the past number of years, focusing on tenants rights, consumer protection, and green buildings.

Prior to his election, Dan was a litigator at the New York Law firm of Paul, Weiss, Rifkind, Wharton & Garrison, LLP, and a law clerk for the Honorable Colleen McMahon of the Southern District of New York. He is a graduate of Dartmouth College and the University of Pennsylvania Law School, where he served as Editor-in-Chief of the University of Pennsylvania Law Review.

Pro-Growth Progressive Ideas Shared

Problem

The mortgage foreclosure crisis ravaged communities through New York City, and its impact is still being felt today. Thousands of families lost their homes and entire neighborhoods suffered from vacancies, blight and declining values. In addition to its effects on families and neighborhoods, pre-foreclosed real estate hinders economic development, costing the city roughly $84 million in unpaid property tax annually.

Solution

To deal with a continuing foreclosure crisis, City Councilman Dan Garodnick is advocating for New York City to buy back distressed mortgages controlled by federal housing authorities, restructure the debt in partnership with not-for-profits, and then resell the notes (and homes) to current homeowners and low- to moderate-income New Yorkers who can support the debt. Banks have been resistant to writing down principal balances because of regulatory constraints, and too many properties have been abandoned, or left in legal limbo. This solution will refurbish vacant or abandoned properties, rejuvenate communities, and give people much-needed housing.