Just wondering when the AFFORDABLE apts will be listed... (low income, apartments)

[Nurseynurse2]

$3K+ for a 3 bedroom?!?!? Are those ranges even considered low-middle income?!?

[macnyc2003]

No. It’s not “low middle income.” It’s probably the 165% bracket, which is for people earning 165% of the area median income. I would say low middle income would be the 60% or 80% bracket.

[Nurseynurse2]

Originally Posted by macnyc2003

No. It’s not “low middle income.” It’s probably the 165% bracket, which is for people earning 165% of the area median income. I would say low middle income would be the 60% or 80% bracket.

"low to middle income" is what I was saying when I said low-middle income and no it's listed as 130% ami. I actually haven't seen any 165% ami listings yet. All of these outrageous rents I've seen has been listed as 130%

[macnyc2003]

Start complaining to elected officials that these high rents don't help the people who really need it.

[Nurseynurse2]

Originally Posted by macnyc2003

Start complaining to elected officials that these high rents don't help the people who really need it.

Definitely already started doing so lol

[macnyc2003]

It's a sad and ridiculous situation!

[BugsyPal]

Originally Posted by Nurseynurse2

$3K+ for a 3 bedroom?!?!? Are those ranges even considered low-middle income?!?

You didn't provide any sort of listing or other information as to what you're talking about specifically, so responses can only be general.

There are "cheap" three bedroom lottery apartments, but they are nearly all part of "low (to very) income" projects which means city is kicking in very deep subsidies for LL to carry those households.

http://www.nychdc.com/content/pdf/Pr...r_Waitlist.pdf

Otherwise things are what they are; go and look at rents for market rate three bedroom apartments, especially new construction and you'll have your eyes opened. Virtually none of it goes for $3k/month.

Three large per month is only about $36k per year in rent. Using 40X rule a LL would want to see at least $144k per year income; something hundreds of households (at least in Manhattan and parts of west/downtown Brooklyn) easily pass. In short a LL would be beating people back with sticks for such apartments. Add to mix unit is rent regulated only adds icing on that cake.

Unless specifically created as such none of these lottery apartments are low income, but merely "affordable". That last bit isn't just specifically targeted to you or persons in your situation financially, but an area or community. Given community preference is going (or has gone) away, anyone anywhere who meets income requirements is welcome.


Large apartments (three to four bedrooms) cost more to build for a host of reasons (much of it due to city regulations), and obviously since take up more square footage command higher rent. Again this is what it is; only way to bring down that number is for city to offer yet deeper subsidies to entice a LL into carrying more people who otherwise cannot afford true rent. Even BdeB's administration has limits.....

[RentingNYC]

Every time I check the housing connect site for new postings I get discouraged in this lottery process due to the income brackets the postings have. I get it they want to attract a certain kind of tenant but this is hardly considered affordable. Seems like the lower middle income people have been forgotten :-(
Very sad.

[stormgal]

The reason for this is that the old tax breaks have expired, and the new 421 tax breaks have replaced them. 421 fits mostly 130 and 165 AMI's, at least that's how developers can afford to price them.

[RentingNYC]

Originally Posted by stormgal

The reason for this is that the old tax breaks have expired, and the new 421 tax breaks have replaced them. 421 fits mostly 130 and 165 AMI's, at least that's how developers can afford to price them.

Wow thanks for the info. Everyone else in the AMI’s below 130 are pretty much out of luck when it comes to NYC affordable housing lottery lol