Since the pandemic, New York City affordable developer Phipps has been giving more and getting less. Phipps manages about 10,000 affordable housing units using a comprehensive model, meaning that it provides social services to tenants — even to those who haven’t paid their rent.  “It’s become quite a burden on us for property management and social services to try to get the help needed for our families,” Cathy Pennington of Phipps said.  Distress in New York’s subsidized affordable housing has been worsening since the 2019 Housing Stability & Tenant Protection Act became law and then soaring insurance payments, high utility […]

This article originally appeared on The Real Deal. Click here to read the full story.