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Old 07-24-2013, 10:45 AM
 
21 posts, read 70,361 times
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Interesting point--the downside to rent stabilization...the fact is though that the majority of landlords in this city are going to raise the rent when the lease is up, at least with rent stabilization it is at a set rate. In my apartment now, which is not rent stabilized, my landlord has raised my rent anywhere from $25 to $150 every year depending on a variety of questionable factors. I actually see the rent stabilization element as one of the pros for this set up.

I have been looking around at other forums on this 80/20 question and it is shocking to see how many misconceptions there are about who is qualifying for these apartments. First, the idea that low or middle income says anything about the value of the work being done, or that in the extreme it correlates to human worth. As I mentioned in the OP, I am potentially moving into one of these income-based affordable apartments, and I am a teacher--I do work that is undeniably more valuable than robbing the banks on Wall Street, for example, but teachers make very little considering the importance of the job we do, the responsibility we have, and the education we receive. This is why I am tempted to say that the 80/20 set up is an important program that I wouldn't mind be part of.
At the same time, as I mentioned above, I am hesitant to sign up for something that is presented as an opportunity for people like me to get a bit of housing security, but that is actually just a ruse to allow the construction of bigger, taller, more expensive condos that actually widen the socio-economic gap. This is why I am curious about people's experiences in this situation, to see whether or not they feel exploited, to know if the 20 percenters are singled out in terms of layout, apartment size and quality, etc. I want to sign up knowing exactly what I'm getting myself into.
So, thanks for all of your input so far.
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Old 07-24-2013, 12:10 PM
 
Location: Manhattan
20,305 posts, read 26,763,739 times
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Quote:
Originally Posted by jd10025 View Post
THe only problem I think these new affordable housing units have is that they instanly become rent stabilized. Meaning your rent will go up every year or two, regardless of your income. When happens if you lose your job and your income goes down. Will they adjust your rent or will they ask you to leave?

You go bye-bye.
The rent is not based on a portion (30%) of YOUR income, it is based on the income of a group that is selected, perhaps the median income, or 40% of the median and that;s where it stays (except for the inflationary increases similar to the RS increases.)

It is not adjusted as your income falls.
You will not be asked to leave because you MAKE too little; you will be asked to leave if you cannot pay the rent.
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Old 09-09-2013, 12:23 PM
 
17 posts, read 45,774 times
Reputation: 10
Honestly, each development is different. I have seen some low/mid income apartments that look exactly the same as the market rate apartments. then there are those that are still nice but don't have the same finishing as the market apartment. In nyc there was a news program which showed the differences when low/mid income apartments had a separate entrance to the same building (gag)
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Old 09-09-2013, 07:52 PM
 
Location: Brooklyn
2,271 posts, read 2,662,358 times
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Some of the 20% have different finishes as mentioned as well as some being a bit smaller than others on the same line, also some people wont have access to all the amenities or limited access.
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Old 09-09-2013, 11:36 PM
 
3,461 posts, read 3,565,686 times
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Quote:
Originally Posted by tpk-nyc View Post
I have a friend who has an 80/20 apartment near Penn Station. He loves it. He’s an actor and could never afford to live alone in Manhattan otherwise. They’re great apartments. The only problem is there are too few of them.
Yes! New York needs more apartments for a city of people who can't afford to live there.
... or maybe actors should start asking for living wages.
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Old 09-10-2013, 07:20 AM
 
Location: Manhattan
20,305 posts, read 26,763,739 times
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I have read that without the subsidies given to developers, not a single completely market rate housing building would be built. The price developers must pay society for these subsidies (in height variance, tax credits, tax abatements) is to set aside a portion of their buildings for affordable rents and purchase prices.

Large developers are savvy creatures with staffs of lawyers and accountants. The minute that what they have to give up costs them a single penny more than they get, they will take their marbles and go home.

There is no discrimination against the 20's...if there were, the board, management company, or developer would find himself in court faster than a speeding bullet.

Anyone who is offered the 20%, a Mitchell-Lama apartment, or any other version of an affordable apartment and turns it down gives new meaning to the term MASOCHIST.
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Old 09-10-2013, 07:38 PM
 
Location: Brooklyn
2,271 posts, read 2,662,358 times
Reputation: 1373
Quote:
Originally Posted by Kefir King View Post
I have read that without the subsidies given to developers, not a single completely market rate housing building would be built. The price developers must pay society for these subsidies (in height variance, tax credits, tax abatements) is to set aside a portion of their buildings for affordable rents and purchase prices.

Large developers are savvy creatures with staffs of lawyers and accountants. The minute that what they have to give up costs them a single penny more than they get, they will take their marbles and go home.

There is no discrimination against the 20's...if there were, the board, management company, or developer would find himself in court faster than a speeding bullet.

Anyone who is offered the 20%, a Mitchell-Lama apartment, or any other version of an affordable apartment and turns it down gives new meaning to the term MASOCHIST.
This^^^^^^^^
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Old 09-30-2013, 10:47 AM
 
1 posts, read 1,555 times
Reputation: 10
I lost my job and been out of work for 3 months. I own my co-op in co-op city. Is co-op obligated because of regulations to reduce my monthly rent?
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Old Today, 04:17 PM
 
1 posts
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Quote:
Originally Posted by siempre123 View Post
After all the paper work and interviews, I just got approved for an apartment in a large Manhattan building complex that includes a bunch of affordable housing--and before I decide to move out of my current place (which is a nice loft in Bk) I wanted to get some feedback from others who have lived in these lottery-won, "affordable" (my apt would cost over $2000, cheap for the area in Manhattan, but not cheap in non-nyc reality) apartments from either side of the boat-the "80s" and the "20s":

Are the affordable apartments made to lower standards than the market rate generally speaking?
Are the affordable apartments usually clustered together?
What are some drawbacks from this program in a general sense?
Anything else I should keep in mind before signing on the dotted line?

Thanks so much for any and all feedback!!


Hello, I just wanted to find out if you actually signed the lease, and what can you share from your experience. I just got approved for one apt and would love to know to pros and cons.




Thank you!
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Old Today, 04:24 PM
 
1,014 posts, read 745,637 times
Reputation: 1383
Quote:
Originally Posted by jamely5 View Post
Hello, I just wanted to find out if you actually signed the lease, and what can you share from your experience. I just got approved for one apt and would love to know to pros and cons.




Thank you!
Nice you are asking someone from 5 years ago....
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