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The 130% of AMI exists because this housing program is a public/private partnership. For a variety of reasons, federal and local governments do not have the funds nor want to allot funds to house poor or middle-income people. So NYS and the city have chosen to partner with private developers to piggyback on their developments. Kind of a desperate measure.
The city and state allow the developers to build more units than allowed under zoning and in return, a percentage of the units are set aside for “affordable” housing.
So, you may ask, what is the definition of affordable?
In a city where the median household income is around $50,700, a person can earn up $97,000 and qualify for a 130% unit. A single person.
Developers are in business to make money. So the 130% and 165% brackets were created to give the illusion that housing is being created for middle-class New Yorkers. Is this really affordable to the majority of people? Of course not. It’s a sham and a scam.
Yet a politician like de Blasio can point to these units and claim his programs are a success! Such a ripoff for us taxpayers.
Last edited by macnyc2003; 06-02-2019 at 09:45 AM..
Hit it right on the nail! Diblasio could care less about the actual people that need affordable housing. People between 60% and 130% are getting screwed with these lotteries. They never have lotteries In those in between bands and when they do they don’t have enough apartments. Leaving out most New Yorkers of these lotteries. Even the 60% bracket is unrealistic. In a household of 4, 2 people working minimum wage bring home more than what the band requires.
They're trying to flush poor people out of certain areas. Poor people can combine incomes and pay for market rate, filling the apartment with lots of people, but you can't sublease a lot of those lottery apartments I think.
They're trying to flush poor people out of certain areas. Poor people can combine incomes and pay for market rate, filling the apartment with lots of people, but you can't sublease a lot of those lottery apartments I think.
I noticed that. The 130% in the Bronx starts at 50k. Ain’t no way I’m moving to the Bronx. Crime is high and schools suck.
The 130% of AMI exists because this housing program is a public/private partnership. For a variety of reasons, federal and local governments do not have the funds nor want to allot funds to house poor or middle-income people. So NYS and the city have chosen to partner with private developers to piggyback on their developments. Kind of a desperate measure.
The city and state allow the developers to build more units than allowed under zoning and in return, a percentage of the units are set aside for “affordable” housing.
So, you may ask, what is the definition of affordable?
In a city where the median household income is around $50,700, a person can earn up $97,000 and qualify for a 130% unit. A single person.
Developers are in business to make money. So the 130% and 165% brackets were created to give the illusion that housing is being created for middle-class New Yorkers. Is this really affordable to the majority of people? Of course not. It’s a sham and a scam.
Yet a politician like de Blasio can point to these units and claim his programs are a success! Such a ripoff for us taxpayers.
I noticed that. The 130% in the Bronx starts at 50k. Ain’t no way I’m moving to the Bronx. Crime is high and schools suck.
That's why they're trying to heavily incentivize it so hard for 130% people especially those who weren't raised in an urban environment. They want to fill up the real estate with a higher yield investment i.e. the Brooklyn miracle for landlords. Landlords don't want to just collect a steady amount of section 8 year in and year out or deal with 10 people living in a small apartment.
That's why they're trying to heavily incentivize it so hard for 130% people especially those who weren't raised in an urban environment. They want to fill up the real estate with a higher yield investment i.e. the Brooklyn miracle for landlords. Landlords don't want to just collect a steady amount of section 8 year in and year out or deal with 10 people living in a small apartment.
All roommate situations are inherently unstable. Anytime you get several unrelated (or not) living in one household over the years there are bound to be issues. This one moves out, that one becomes unemployed and cannot pay their share of rent, you know the sort of thing.
Landlords vastly prefer renting to one or maybe two persons (as in a married or otherwise partnered) household as they are far more stable. You don't have the drama of several persons trying to make the monthly nut, and if the one (or two) cannot, they have to go.
Also with roommates/several persons on a lease it is more than certain over period of years the tenancy will change. People get married, job transfers, have issues with others, etc....
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