Quote:
Originally Posted by BritinNYC
Oh yikes, do they exist? Only seen all 130% before, but nothing would surprise me!
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121% to 165% AMI is considered "middle income" for NYC area.
https://www1.nyc.gov/site/hpd/servic...an-income.page
As of 2019 largest share of AMI by population for NYC are is "extremely low income" (10% to 30% ami) at nearly 30%. OTOH middle income households make up only about 9%. Low and moderate income make up two next largest at about 17% and 15% respectively.
https://anhd.org/sites/default/files...019_060519.pdf
What it cost per square foot to bring each unit of housing to market and or rent/sales per same required to break even and make profit is what it *IS*. Lower down AMI brackets you go requires deeper subsidies to make up difference between what apartment would receive in market rate rent versus lottery.
AMI bands and or even what defines "affordable" are written into agreements between city and developers at the time. Thus what was "affordable" at 165% AMI ten years ago, may not be so today, but alteration of said agreements may not be possible.
https://atlanticyardsreport.blogspot...le-income.html
For what is worth BdeB and city council have been pushing developers to accept nothing higher than 80%-90% AMI by taking everything else off the table when rezoning or other agreements are done.
Last year's rushed through SoHo/Tribeca rezoning capped AMI for "affordable" or "low income" lottery developments at 80% AMI. This was in keeping with BdeB and his administration's push to put low income persons in well off areas of city that they never otherwise could set foot.
https://citylimits.org/2021/12/20/ne...y-really-cost/
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