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So I'm currently in a 130 AMI apartment. Over the last 3 years or so, I had many chances for other 130 AMI units. Not all are great deals. I'm happy with where I am now. 3 bedrooms for $3150 vs market rate of $8000+. This might be the last year of great opportunities for 130 AMI.
So I'm currently in a 130 AMI apartment. Over the last 3 years or so, I had many chances for other 130 AMI units. Not all are great deals. I'm happy with where I am now. 3 bedrooms for $3150 vs market rate of $8000+. This might be the last year of great opportunities for 130 AMI.
Holy cow! Thanks for the info! And, congratulations. Which building are you in, if you don't mind me asking?
And - yes. I saw the earlier post. I totally agree with the sentiment that lower AMIs are clearly in higher need of housing and should be prioritized.
By the same token, a 130% AMI is nowhere near being able to afford these $6-8k apartments, so it is nice that we also get a shot to live in the luxury buildings. I am hopeful something will come up for us soon!
I've seen a bunch of people in 130% reference getting several calls, so maybe I'm just unlucky! But honestly, I am in a good situation right now, so I really try not to complain... I am also really sympathetic to the lower AMIs who don't seem to be offered as many opportunities lately. However, being in the LOWER half of the 130% AMI definitely means that while I may be able to technically "afford" some of these apartments, I would never actually PAY that much for them (for instance, a $2500 1BR?!) I mean, I don't want to be a renter forever! So I have to be able to put SOME money away in order to feel comfortable with my monthly expenditure... Plus, as a single person, there are considerations involved there also since there is no sharing the financial burden with bills and such... I didn't notice that about the 130-only posts not including preferences, but I'm sure you're right!
Yes, this is the issue we have as well. We want to buy on day, but we cannot afford to save anything right now with our high rent. Some of the 130% ones would save us a bit of money on what we pay now, but not nearly enough. *sigh*
I totally agree that lower AMIs should have more options and the city should definitely do more to help those in absolute dire need of housing. Not to mention they should a way to keep even market rates affordable in the city in general. My husband and I are lucky to have a decent income, but even we can afford only a fraction of the places on StreetEasy etc. I'm really not sure what the answer is! But I sincerely hope they have think tanks working on it, looking at how other places around the world have achieved this etc.
Yes, this is the issue we have as well. We want to buy on day, but we cannot afford to save anything right now with our high rent. Some of the 130% ones would save us a bit of money on what we pay now, but not nearly enough. *sigh*
I totally agree that lower AMIs should have more options and the city should definitely do more to help those in absolute dire need of housing. Not to mention they should a way to keep even market rates affordable in the city in general. My husband and I are lucky to have a decent income, but even we can afford only a fraction of the places on StreetEasy etc. I'm really not sure what the answer is! But I sincerely hope they have think tanks working on it, looking at how other places around the world have achieved this etc.
Right. And the opportunities that arise for the lower brackets shouldn't have to be at the expense of the 130% by eliminating the latter, if they're designing this all correctly. I mean, if someone at 50% AMI is in a beautiful luxury building with endless amenities, while someone in the lower end of 130% is struggling to make the rent of a MR apartment, that's not exactly fair either... It needs to be an equitable system where everyone is given a fair chance!
Right. And the opportunities that arise for the lower brackets shouldn't have to be at the expense of the 130% by eliminating the latter, if they're designing this all correctly. I mean, if someone at 50% AMI is in a beautiful luxury building with endless amenities, while someone in the lower end of 130% is struggling to make the rent of a MR apartment, that's not exactly fair either... It needs to be an equitable system where everyone is given a fair chance!
Yes, I quite agree as well! Without the lottery, us 130% AMIs have no chance of getting into a luxury building. So, I think they should at least retain some of the apartments in luxury buildings for us as well. Unfortunately, it seems that the current rules mean plenty of buildings can opt to only give lottery places to 130% AMIs, and many are doing so - whether that's snobbery or thinking 130% tenants will be more reliable or what. I can fully understand how those in the lower brackets feel like they are getting a raw deal.
I enter many 130% lotteries if they're in an OK neighborhood, often with no intention of taking them (I just like to know what log # I get). I've been contacted to submit documents lots of times, but the deals are never as good as my current apartment, so I don't follow through. Therefore, it's hard to say how many of those would actually pan out to an offer of an apartment.
What I do notice is that my log #s are lower with lotteries that only offer 130% or 165% AMI - lots of times only 3 or 4 digits (although that could just be sheer luck). Lotteries with a broader range of AMIs always seem to land me in the 5 digit log range, making me think there are just fewer people applying for the high AMI ones. Not as much competition + people turning down apartments that aren't that great of a deal, leads to more document submission emails.
I've gotten contacted with a log # of 29K, 35K and 40K.
Although I used to be on the low end of minimum income, I'm noticing that with some of the newer ones I don't even make the cut. The 130% deals seem much better for families and people needing larger apartments (even though there are fewer of them). For singles looking at studios and one bedrooms - they stink!
I enter many 130% lotteries if they're in an OK neighborhood, often with no intention of taking them (I just like to know what log # I get). I've been contacted to submit documents lots of times, but the deals are never as good as my current apartment, so I don't follow through. Therefore, it's hard to say how many of those would actually pan out to an offer of an apartment.
What I do notice is that my log #s are lower with lotteries that only offer 130% or 165% AMI - lots of times only 3 or 4 digits (although that could just be sheer luck). Lotteries with a broader range of AMIs always seem to land me in the 5 digit log range, making me think there are just fewer people applying for the high AMI ones. Not as much competition + people turning down apartments that aren't that great of a deal, leads to more document submission emails.
I've gotten contacted with a log # of 29K, 35K and 40K.
Although I used to be on the low end of minimum income, I'm noticing that with some of the newer ones I don't even make the cut. The 130% deals seem much better for families and people needing larger apartments (even though there are fewer of them). For singles looking at studios and one bedrooms - they stink!
I've been applying to a few higher AMI's as well just to see what my log number is and I always get a decently low number, lower than the ones I apply to that have my AMI range in it.
I also noticed that for one if the higher AMIs I applied to ppl with the log number in the 2k range were being contacted almost immediately making me wonder if lower numbers are dropping out because with lower AMI buildings unless you have preference a log # with 2k isnt being contacted that quick in the process.
Holy cow! Thanks for the info! And, congratulations. Which building are you in, if you don't mind me asking?
And - yes. I saw the earlier post. I totally agree with the sentiment that lower AMIs are clearly in higher need of housing and should be prioritized.
By the same token, a 130% AMI is nowhere near being able to afford these $6-8k apartments, so it is nice that we also get a shot to live in the luxury buildings. I am hopeful something will come up for us soon!
Yes, the Dime at Williamsburg. No way we could afford 3 bedrooms here at market prices, maybe a studio for our family. lol
Yes, you can definitely find a good apartment at AMI 130 - just a matter of time. And hopefully, they keep some 130 AMI around after this year.
My best advice is to keep applying and have your documents ready to go.
Yes, the Dime at Williamsburg. No way we could afford 3 bedrooms here at market prices, maybe a studio for our family. lol
Yes, you can definitely find a good apartment at AMI 130 - just a matter of time. And hopefully, they keep some 130 AMI around after this year.
My best advice is to keep applying and have your documents ready to go.
Best of luck to you!!!
Goodness! I often pass that building on the train and think how gorgeous it looks, and great location. I love reading about successful lottery wins here, it gives me hope. We looked that building up on Streeteasy once, saw the prices and were like "yeeeeaaah...nope". Crazy money. A lottery win there is just amazing!
Thank you! And - thanks for the advice, we have most things ready to go minus the most recent things they'll ask for (pay slips etc) which shouldn't be too hard to arrange. I'm keeping all my fingers and toes crossed that the lottery gods throw some luck our way
Yes, this is the issue we have as well. We want to buy on day, but we cannot afford to save anything right now with our high rent. Some of the 130% ones would save us a bit of money on what we pay now, but not nearly enough. *sigh*
I totally agree that lower AMIs should have more options and the city should definitely do more to help those in absolute dire need of housing. Not to mention they should a way to keep even market rates affordable in the city in general. My husband and I are lucky to have a decent income, but even we can afford only a fraction of the places on StreetEasy etc. I'm really not sure what the answer is! But I sincerely hope they have think tanks working on it, looking at how other places around the world have achieved this etc.
Nearly if not over 60% of rental housing in NYC falls under some sort of government regulation; rent control, rent stabilization, NYCHA (public housing/council estates), combined with various voucher and other subsidies that in effect regulate market rate apartments (Section 8 and so forth). Thus only comparatively small percentage of rental housing in NYC is actually totally free market. Bring whatever remains under government control and all heck will break loose.
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