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The 421-A tax break is the incentive these developers have to build luxury buildings that include a certain amount of affordable housing units.
The article talks about how Comptroller Lander wants to reform this tax break.
"More than 60% of the income-restricted units created by the 2017 program through 2020 were built for families earning 130% of the Area Median Income or well over $100,000 a year in 2021, making those units unaffordable to nearly 75% of New Yorkers."
So true! Its been a serious pattern of expensive "affordable housing" options for the past couple of years.
"The report recommends that State legislators should let 421-a expire on June 15, 2022 and should set a deadline of December 31, 2022 to achieve structural property tax reform".
Most aren’t affordable and when they build those buildings, the higher income people moving into certain areas increases the AMI when most residents don’t make that much.
Most aren’t affordable and when they build those buildings, the higher income people moving into certain areas increases the AMI when most residents don’t make that much.
I was thinking about this the other day! I wonder where these numbers are coming from. Not once has anyone asked me to fill out a survey about how much I make.
Also it’s very telling how hard it is for them to fill units for high 130 AMIS. If that doesn’t tell you the rent is too damn high idk what will.
I was thinking about this the other day! I wonder where these numbers are coming from. Not once has anyone asked me to fill out a survey about how much I make.
Also it’s very telling how hard it is for them to fill units for high 130 AMIS. If that doesn’t tell you the rent is too damn high idk what will.
Must be from addresses on tax returns, I would guess
Most aren’t affordable and when they build those buildings, the higher income people moving into certain areas increases the AMI when most residents don’t make that much.
You gloss over fact that it is "higher income" and thus paying greater amount in rent that carry those who do not.
Main reason NYC has had this uptick in new "affordable" or "low income" housing is market rate units and or higher AMI (which require lower government subsides), provide funding that evens things out.
Cost to build, sell or rent per square foot does not change merely because multi-family in whole or part is designated "low income". Instead some way or how must be found to cover lost revenue that comes with lower rents.
On other end of it those "high income" residents bring gentrification and with that often comes amenities local areas haven't had in ages if ever.
One reason parts of east Brooklyn are a hard sell for "luxury" housing is that things those who can pay higher housing costs want such as excellent hospitals/healthcare system, schools, and other services aren't had locally.
Proof of latter is that despite all new money that has moved into Brooklyn over past few decades, those residents still either travel back into Manhattan or go out to LI for healthcare. That is why LICH closed in part, and also why now hospitals out in East Brooklyn are in trouble.
You gloss over fact that it is "higher income" and thus paying greater amount in rent that carry those who do not.
Main reason NYC has had this uptick in new "affordable" or "low income" housing is market rate units and or higher AMI (which require lower government subsides), provide funding that evens things out.
Cost to build, sell or rent per square foot does not change merely because multi-family in whole or part is designated "low income". Instead some way or how must be found to cover lost revenue that comes with lower rents.
On other end of it those "high income" residents bring gentrification and with that often comes amenities local areas haven't had in ages if ever.
One reason parts of east Brooklyn are a hard sell for "luxury" housing is that things those who can pay higher housing costs want such as excellent hospitals/healthcare system, schools, and other services aren't had locally.
Proof of latter is that despite all new money that has moved into Brooklyn over past few decades, those residents still either travel back into Manhattan or go out to LI for healthcare. That is why LICH closed in part, and also why now hospitals out in East Brooklyn are in trouble.
I’m not glossing over anything, let’s not be delusional. They don’t even move into those areas unless some sort of luxury building is developed or when an affordable housing lottery is developed. Also, what does paying more in rent even mean when the residents in the area are also paying what are higher rents without being compensated in the same income those “higher income” people make? Don’t quote me with BS and act like paying more in rent to some luxury scam of an apartment means that the median income should just increase like that. It’s the same crap they did with that PLG building in Flatbush and the Parkline in Flatbush. Now buh bye
I was thinking about this the other day! I wonder where these numbers are coming from. Not once has anyone asked me to fill out a survey about how much I make.
Also it’s very telling how hard it is for them to fill units for high 130 AMIS. If that doesn’t tell you the rent is too damn high idk what will.
Nope they don’t. If my income is going to go up to $70,000 a year and I move into an area where the AMI is 40% of the housing lottery, come on I’m bringing it up when most people aren’t earning that much. They did this with PLG and the Parkling two buildings in my old area in Brooklyn. Even the people moving in realize it’s a scam for what they pay.
You're right @Lani15. Bringing high income people to neighborhoods where the majority of peoples incomes are very low increases the median income which is a problem. When they create new buildings for lottery in those neighborhoods now the average income will have gone up allowing developers to increase the rent for all the AMI's. They've been slowly removing poor people from NYC. And although my income is in the 80k's, for a single parent with two teenagers that's just barely getting by on my income; i can't imagine a family making much less than me and quite frankly most people I know make less than I do unless they have a two income home. People in higher income brackets move in and pretty quickly realize the neighborhood doesn't reflect the amounts they are paying... even if they would pay more elsewhere, they probably can afford it.
Yeah what they've been doing is the pure definition of gentrification and the Comptroller even states that as the problem. New Yorkers have been pushed out of this state for years. And the crap they are doing with "affordable housing" is just not right. It's time for a change.
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