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Yes,but the woman cited in this article, whose rent went up by $400 in two years, didn't occupy one of those new renovated apartments that real estate blogs like to use in citing high rents around the city. Her rent increase was quite real and she got priced out.
$2,000/mo for a plain old 2 br in Highbridge is pretty scary.
It was probably 800/mo 10 years ago and 1200/mo 5 years ago.
Yep, not saying there isn't some actual reporting in the article so the additional detail could be good. Though if the writers are using flawed data to begin with, probably worth questioning the overall reporting. That's the way I view things at least. I'm very fact and data-oriented.
I wonder what are the current section 8 rents for 2-bedrooms?
Yes,but the woman cited in this article, whose rent went up by $400 in two years, didn't occupy one of those new renovated apartments that real estate blogs like to use in citing high rents around the city. Her rent increase was quite real and she got priced out.
$2,000/mo for a plain old 2 br in Highbridge is pretty scary.
It was probably 800/mo 10 years ago and 1200/mo 5 years ago.
I tried looking up section 8 voucher rates but I don't really know how it works and if there are any adjustments to the numbers I found. The links are below. I also remember reading somewhere a while back that if the landlords charge higher rents than the voucher allowance, then the families can simply pay the difference. I don't remember where I read that though.
On the HUD website, it says the fair market rents (FMR) for NYC are as follows (I selected New York, NY HUD Metro FMR area in link):
FY2018: $1514 for studio, $1588 for 1-br, $1789 for 2-br
FY2017: $1352 for studio, $1419 for 1-br, $1637 for 2-br https://www.huduser.gov/portal/datas..._Geography.odn
I tried looking up section 8 voucher rates but I don't really know how it works and if there are any adjustments to the numbers I found. The links are below. I also remember reading somewhere a while back that if the landlords charge higher rents than the voucher allowance, then the families can simply pay the difference. I don't remember where I read that though.
On the HUD website, it says the fair market rents (FMR) for NYC are as follows (I selected New York, NY HUD Metro FMR area in link):
FY2018: $1514 for studio, $1588 for 1-br, $1789 for 2-br
FY2017: $1352 for studio, $1419 for 1-br, $1637 for 2-br https://www.huduser.gov/portal/datas..._Geography.odn
Real estate is booming in The Bronx so come the rent prices with Manhattan and Brooklyn residents. I advice everyone to invest in properties in 5 years you can get $500,000 profit. Brownstones in Brooklyn and Harlem for etc cost 2 million use to be $300,000.
I tried looking up section 8 voucher rates but I don't really know how it works and if there are any adjustments to the numbers I found. The links are below. I also remember reading somewhere a while back that if the landlords charge higher rents than the voucher allowance, then the families can simply pay the difference. I don't remember where I read that though.
On the HUD website, it says the fair market rents (FMR) for NYC are as follows (I selected New York, NY HUD Metro FMR area in link):
FY2018: $1514 for studio, $1588 for 1-br, $1789 for 2-br
FY2017: $1352 for studio, $1419 for 1-br, $1637 for 2-br https://www.huduser.gov/portal/datas..._Geography.odn
There are only about 125,000 section 8 voucher households in the entire city so section 8 payments are not what is driving rents up.
How many of those 125,000 voucher households are in The Bronx , maybe 50,000 ?
The Bronx has a population of 1.5 million and there are over 500,000 households so maybe,at most, 10% of Bronx households are occupied by section 8 voucher holders. Not a big enough percentage to drive the rental market.
Last edited by bluedog2; 05-03-2018 at 06:41 PM..
Reason: M
You can still get a renovated 2 bedroom in gentrifying Brooklyn for 2k. That woman’s landlord was smoking crack and obviously just raised the rent in her dramatically to get her out
There are only about 125,000 section 8 voucher households in the entire city so section 8 payments are not what is driving rents up.
That's still far too many and the vouchers are too damn high. Just imagine someone paying $1600 or $1700 a month for a studio, and some person that doesn't work getting a voucher for around that.
There are only about 125,000 section 8 voucher households in the entire city so section 8 payments are not what is driving rents up.
How many of those 125,000 voucher households are in The Bronx , maybe 50,000 ?
The Bronx has a population of 1.5 million and there are over 500,000 households so maybe,at most, 10% of Bronx households are occupied by section 8 voucher holders. Not a big enough percentage to drive the rental market.
Never said section 8 drives overall market rents. It does, however, provide a floor to some less desirable neighborhoods. Section 8 vouchers move with market rents.
I don't know much about Highbridge or really any of the Bronx neighborhoods. But have any of these seen an increase in section 8 households? As people get priced out of the gentrifying neighborhoods such as Harlem and Washington Heights, are some moving to the Bronx?
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