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Old 09-12-2018, 09:53 AM
 
14 posts, read 7,667 times
Reputation: 10

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Housing Lottery Now Open.


Apply today at www.stuytownlottery.com


No application fee.


No broker's fee.
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Old 09-12-2018, 11:18 AM
 
Location: New York, NY
2,711 posts, read 2,270,511 times
Reputation: 1617
Nope, don't qualify. It's either 80% AMI or the ridiculous 165% AMI. As if a single person making $120,615 actually needs affordable housing.
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Old 09-12-2018, 11:47 AM
 
133 posts, read 81,781 times
Reputation: 59
Quote:
Originally Posted by stormgal View Post
Nope, don't qualify. It's either 80% AMI or the ridiculous 165% AMI. As if a single person making $120,615 actually needs affordable housing.
I agree with you this is no where near affordable.
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Old 09-12-2018, 11:49 AM
 
39 posts, read 19,891 times
Reputation: 16
How do they come up with these rents?? Full disclosure, I am biased because we are “middle income” and still find it difficult to find decent affordable housing in NYC. We are a family of 4, so a 3 bedroom would mean an income of 134-172k, but the rent is $4475! In order to afford that, the standard “40 times the rent” means an annual income of at least 179k. A private landlord wouldn’t rent to you with an income below that, but the city requires it? That’s so crazy to me.

Last edited by Lulu1704; 09-12-2018 at 12:04 PM..
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Old 09-12-2018, 11:51 AM
 
156 posts, read 144,888 times
Reputation: 24
One of the rare opportunities for us in the 80%. And rent is still expensive but for Manhattan I’ll give it a shot.
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Old 09-12-2018, 12:08 PM
 
Location: Eric Forman's basement
1,984 posts, read 2,113,029 times
Reputation: 1037
Two very big problems with this lottery:

1. The main one is that only 10% of the total number of lottery units is dedicated to the 80% AMI bracket. If you are in this bracket, you will need a really really really low log number. Like under 200. I'm guessing, but I'm probably not too far off.

2. All of the lottery apartments (in both brackets) are currently occupied. So you have to wait for the current tenants to vacate.

By the way, if you are in the 165% bracket, no matter how high a log number you get, you definitely will be called. The apartments in that bracket are so expensive, people have been turning them down right and left. In fact, Stuy Town management went through the entire list of names the first time around and had to open the list up again for the 165% bracket.

ALSO: That chart is God awful! Whoever came up with that? It's as if the assignment was, "Figure out the most confusing way to present the information." And the 165% AMI prices for the one bedrooms and two bedrooms seem to be missing.

Last edited by macnyc2003; 09-12-2018 at 12:46 PM..
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Old 09-12-2018, 12:12 PM
 
Location: Lower East Side, NYC
2,138 posts, read 1,394,398 times
Reputation: 1544
$3000 studio. Just go market rate if you're thinking of applying to this. The building isn't -that- nice. I visit it every once in a while because I have a few friends whom live there. So pointless.
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Old 09-12-2018, 12:43 PM
 
Location: Eric Forman's basement
1,984 posts, read 2,113,029 times
Reputation: 1037
The point is that DeBlasio was able to hold a press conference to say that he had "saved" 5,000 affordable apartments and have everybody clap and cheer. And the landlord received over $100 million in return. What a ripoff.

Last edited by macnyc2003; 09-12-2018 at 01:04 PM..
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Old 09-12-2018, 12:58 PM
 
156 posts, read 144,888 times
Reputation: 24
Quote:
Originally Posted by macnyc2003 View Post
The point is that DeBlasio held a press conference to say that he had "saved" 5,000 affordable apartments. And the landlord received over $100 million in return. What a ripoff.
I was just reading an article on this and itís crazy.
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Old 09-12-2018, 01:00 PM
 
Location: Eric Forman's basement
1,984 posts, read 2,113,029 times
Reputation: 1037
If the lottery was half and half, I would have no problem: half the lottery apartments in the lower bracket, and half in the upper bracket. But as it is now, 10% and 90% is insanely unfair and a cruel joke for New Yorkers who need truly affordable apartments.

I would also like to see an accounting from Stuy Town of how many apartments have been filled in each bracket in the two years since the lottery was begun. Let's see the data.

End of rant for the day!
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