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That makes sense. I'll keep this in mind if I can make it to the lease signing on any of these lottery units.
I guess there's no other way to tell before lease signing? Besides doing deep research on the building or management company I suppose.
You can ask but it depends on the program they building participates in. Those extremely higher rent AMI tend to have these ridiculous increases which is crazy. Makes more sense to just go on the market to avoid it.
Just following up a year later that I decided to stay despite the $500 rent increase, but with my lease up for renewal again now, my rent will increase another $200. Given the odd method of rent increases, I just can't recommend anyone looking for affordable housing in NYC to go with Waterside Plaza. My one bedroom apartment is very big, the view is priceless, and the sense of community here is unique in Manhattan, but most people who look for affordable housing (including myself) are seeking some rent security, and the affordable housing at Waterside Plaza just doesn't provide that.
Wow, good to know! Thank you very much for posting. I'm sure people will be interested. I'm kind of surprised the AMIs keep going up. I guess the economy is still stronger than I realized.
What are you going to do? Will you sign the new lease, with the increase? You're not in building 40, are you?
I live in building 30. HUD is supposed to use data from three years prior to calculate AMI, but understandably didn't have data for 2020, so they used 2021 data. If HUD goes back to using data from three years prior in 2024, that will mean rents will not increase next year. But given the long term volatility of rent changes at Waterside, I'm going to move on and hope to find affordable housing elsewhere that uses RGB.
Thanks for the update. It warms my heart that I was rejected from that lottery due to a one time bonus and didn't pursue it.
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