Real Estate Weekly
November 28, 2001
GOODSTEIN REALTY HELPING WITH HOUSING
With an immediate need for more than
8,000 new teachers in the New York City public school system, educator
Esther Muller has teamed up with the Board of Education and
Goodstein Realty to make affordable housing available to entry-level
teachers from across the country. Muller has developed the concept as
a means to attract qualified teachers.
While negotiating with the Board of Education, she contacted Leonard
Bayer, president of Goodstein Realty, and discussed the opportunity
of developing the project together on behalf of the teachers. The Goodstein
organization has been at the forefront of development for more than
75 years. Through Goodstein’s effort, the Ramada Inn made available
200 efficiency apartments in three locations.
It is Muller’s position that by mobilizing developers to create
affordable housing, as well as utilizing existing housing stock from
owners, and then offering it at affordable rates, teachers will be encouraged
to enter the New York City public school system. In addition, the Board
of Education is adding its own incentives by paying off their student
loans, subsidizing Masters Degree programs and providing health care
benefits, pension plans and annuities to those committed to working
with the children of New York.
Muller has dubbed the new program “E=HIT,” which stands
for Education Equals Housing Incentives for Teachers. The immediate
goal of the program is to hire 8,000 teachers by year-end 2002, and
the long-term goal is to attract and retain the numbers needed as determined
by the Board of Education. To accomplish this task, she is continuing
her efforts by contacting other members of the real estate community
to participate in the endeavor.