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Lets take Manhattan below hmmmm 96th since it seems that seems to be where many people want to live.
What exactly would you consider affordable? Is affordable anything YOU can afford and anything over that is overpriced?
Is it based on salaries of the AVG New Yorker?
What type of prices would we see?
I would love to find a one bedroom or studio for $2000 in Chelsea/HK or a place like Archstone Clinton. To me that is affordable..some of my friends will think I am out of mind and that is NOT affordable housing.
Personally I'd say 17-18% of my income would be affordable. That way I (and tons of other people here in this fine city) could "feel" that each year we are bulking up our bank/investment accounts and have that "feeling" actually be true!
To explore/analyze the painfully pedantic state-level official answer, begin with the below:
Since you put EXACTLY in all caps, I am forced to say New York State is the body that determines all that jazz and it's not one answer for all folks. Depending on who's asking, NYS will give the answer that's exact, depending on the context. Wikipedia has a remarkably accurate and concise overview of the main body of authority New York State Housing Finance Agency, why they exist, and how they interact with all the very different entities who have a stake in the NYC/NYS housing markets, or those who have the desire to conduct business or live in NYC/NYS. (e.g.: developers, regular folks, etc.) Examples of entities who have a stake in the NYC housing market: Bond underwriter, housing-focused non-profit org, etc.
Example of a business who wants to conduct business in the NYC housing market: Housing developer
Example of people who want to live in NYC: Everyone and their grandmother j/k If reading the above wasn't enough pedantic pain for you, then go to the official state website of the HFA and have a bottle of aspirin handy.
Last edited by grimace8; 05-23-2012 at 12:15 PM..
Reason: added the word 'explore'
When used in certain circumstances "affordable housing" means part of an apartment complex where some percentage of units are set at below market rates in order for the city to approve the building so that people who make modest incomes can still live in certain parts of the city.
There are income limits on those apts. and they are selected via lottery-
allowing some people to afford nice places in this city, only if they are lucky.
allowing some people to afford nice places in this city, only if they are lucky.
But even the folks who win those lotteries are credit-checked. If they have bad credit, they can be denied a unit even after winning (before a lease is signed). For everyone's info ("FYI"/"FEI"?): This isn't rumor; it's the truth. Winning is the beginning, not the end.
I am sorry I know I sound like the three year kid, why why why why why..haha
I know a few people who have gotten lucky and their jobs range from cashier at the gap to HR at a fitness company. So I am assuming $12 an hour to a 45K salary. Sorry but $12 an hour is...wow..yeah
i make $32/hr and overtime $45/hr i went for recertification and presented my income tax return and still my rent stayed the same,..now im hopeing my rent dont climb.
Affordable is anything below market rate, exact pricing should vary IMO. Anecdotal example - My last apartment in HK was $3500 p/month. Two blocks north was a housing lottery for similar size units in the $2500 p/month range. Given the market rate pricing for the area I would absolutely consider that lottery in the affordable housing bucket.
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