Overview
- The proposal, announced Thursday at the Citizens Housing and Planning Council luncheon, would start coverage in 2027 for 20,000 apartments and expand to 100,000 by 2030.
- EDC, HDC and HPD created a working group to hire actuaries, run a risk analysis, and seek private insurance partners starting next month.
- City officials plan to support the privately run program through the expense budget, with City Council approval required and the size of the public investment still undecided.
- Deputy Mayor Leila Bozorg says eligible owners could see premiums fall 20% to 30%, and the city projects $500 million to $700 million in capital savings over five years.
- Lower premiums could free cash for building repairs and ease pressure for rent hikes, while years of rate spikes stem from insurer pullbacks, higher reinsurance costs, climate losses, inflation and litigation, a mix that has drawn both industry support and questions about taxpayer risk.