A new city initiative is looking to boost some struggling businesses while increasing the amount of affordable housing in the city.
At his daily briefing, Mayor Bill de Blasio announced what he's calling the Equitable Ownership Plan.
The idea is to give minority- and women-owned businesses and non-profits a 25% ownership stake in affordable housing projects built on public sites.
They will also get a quarter of the revenue generated by the projects.
City officials say this will go a long way to level the playing field for people of color and women in industries like construction and real estate.
"The people in this city have gone on to help others. They've gone on to invent things and build things and are admired everywhere. But it all starts with opportunity,” said Louise Carroll, the commissioner of the Department of Housing and Preservation. “When we open up the doors of opportunity for all people, we unleash a flood of talent. And what that does is benefit all of us."
The city has already invested more than $6.5 billion in building affordable housing.