WEBVTT

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The affordability of New York City

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is the key to having a vibrant community.

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We have to keep New York affordable,

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but that doesn't happen by accident.

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My father was a contractor.

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I grew up working on construction sites.

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This is in my DNA.

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Related is one of the largest
owners of affordable housing

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in the United States.

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It's really about building homes

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and communities for families.

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Wells Fargo has been an
incredible banking partner,

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really since the company was founded.

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They have a very strong
focus on affordable housing.

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Over the last five years,

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we've committed over
$34 billion of capital

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debt and equity

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to develop or preserve

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nearly 150,000 affordable
housing units across the country.

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We're looking for ways
to have a positive impact

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on our community well into the future.

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Hudson Yards

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was really an abandoned
part of the city,

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so we had to build everything at once

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to create a real community.

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At Hudson Yards,

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we have led development
financings of over $8 billion,

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including a $1.8 billion
construction financing

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for 50 Hudson Yards.

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Phase two will have over
4,000 new housing units.

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625 will be affordable.

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We're also rebuilding the
Fulton and Elliot-Chelsea Houses

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and building at Willets Point.

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Wells Fargo became a partner with us

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in working with the New
York City Housing Authority,

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speaking to the city, to the state,

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to really help us make this happen.

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These developments

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will deliver upwards
of 8,000 new apartments

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to neighborhoods in desperate
need of affordable homes.

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The greatest moments
are when a family tells us

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this home has changed their lives.

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We're really building for the future.

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We are changing
the skyline, the city

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and the lives of the people
that live in this community.

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We're working to create a New York City

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that will thrive well into the future.