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I just don't see how anyone could make $3903 a month work even at the upper limit of the AMI band. assuming last year's limit was $3300 (as that is the max I have seen among lotteries in the 130% AMIs...could be wrong) that's a rent increase of 20% when the AMI went up by 8-9%.
Using the 40x thing so often used to determine minimum salary to be able to rent in NYC (and I know it is not an official law, but I come across it all the time) you'd need to be earning $156k to afford a $3900 apartment. Totally bonkers! Even the current rents are a stretch for most AMIs presently.
I suspect you are right on the Brooklyn Towers thing. Will be interesting to see how it plays out.
Yeah the 40x the rent thing is not a law and I’ve spoken brokers advertising for market rate units that don’t care if you make 40x the rent they mainly care about you having a decent credit score which is crazy to me.
I’m thinking things might change with this new proposed affordable housing tax credit they are working on. The AMI ranges are changing and I have a feeling so will the rents. I’ve run into a lot of articles of people speaking out and seriously upset with how affordable housing has been run these past few years. The pressure is on.
Can you list which lottery(yes) you see have made this change?
40 Oak Street, 30 Kent Street, Chestnut Commons, to list a few. I noticed the ones I’m waiting for long numbers to come out have changed the cap to 74 or 75k from 66k.
40 Oak Street, 30 Kent Street, Chestnut Commons, to list a few. I noticed the ones I’m waiting for long numbers to come out have changed the cap to 74 or 75k from 66k.
Yeah I think all of them did even ones I applied to last year.
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