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How is it that rents all over NYC are going down but they haven't gone down in the affordable housing lotteries? I can find rents lower outside of affordable housing but I still feel more comfortable renting from an affordable housing building.
I'm conflicted because I'm in the process for an affordable housing apartment but it's over $2,000 for a studio. Also future lotteries have the same high rent prices. I've seen prices around $1,500-$1,700 for a studio outside of housing.
So do I spend the extra money just because or do I just get a slumlord apartment for a cheaper price?
If you go for a cheaper outside price, the unit will probably not be rent regulated. That means of course that the landlord can raise the rent to any amount when your lease is up, or not offer you a renewal at all.
Some outside landlords seem to be offering two year leases though.
I would say that if you need short-term housing of only a year or two, go with an outside landlord.
But if you need longer-term housing, try to get a lottery unit, which is rent-stabilized.
Being rent-stabilized has other benefits too. For instance, building services cannot be cut; you are guaranteed a lease renewal; there is a succession provision, etc.
I'm having the same issue. Housing connect rent is so high for most of the developments I've applied to but the current market price for rent is lower. I'm hoping to get something through affordable housing due to it being rent-stabilized. i'm thinking that once this pandemic comes to an end and things go back to normal (people who left NYC start coming back) then rent prices will go back up.
There was a point in time when all the great 80/20 lotteries went only to 60% AMI.
That is true, but you can argue the case that people in the 60% bracket need affordable housing more than someone making more than the average median income.
There should be multiple income brackets for every lottery, except the really small ones.
If you are already in, your rent is not dropping (can say the same for most market units - negotiate lower or no increase yes, but not less rent for the most part) but some of the 130-165 AMI affordable apartments currently in process ARE offering concessions such as 1-2 months free, I've gotten emails for them...
Last edited by popartist; 11-02-2020 at 12:15 PM..
If you are already in, your rent is not dropping (can say the same for most market units - negotiate lower or no increase yes, but not less rent for the most part) but some of the 130-165 AMI affordable apartments currently in process ARE offiering concessions such as 1-2 months free, I've gotten emails for them...
So I currently live in a 165 AMI "affordable apartment" and my lease is up. I wonder if I am able to negotiate...
So I currently live in a 165 AMI "affordable apartment" and my lease is up. I wonder if I am able to negotiate...
The rent stabilized increase is 0% this year so it shouldn't be going up anyway. As far as negotiating down, it is quite unlikely but on the off chance they would, the most they would do if they do is a free month or two, but your base rent would remain the same.
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