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Rents in new construction or major rehab are largely attributed to development and construction costs, none of which are low in NYC. Land hasn't be cheap in ages and it keeps going up.
On other side of things state removed luxury decontrol for RS apartments so sky's the limit for rents. New construction apartments are being marketed with what some may feel are "high rents", but developers and even city/state counter "yes, but unit is rent stabilized."
You need to make minimum 112k annually to pay $3,126 if you’re going by the 3 times rent rule.
It's 35% of the bare minimum income. For most people applying in that range, it's 33%. The price would be decent if it had more amenities. TBH ALL of NYC housing is over pricemany people have to pay for health insurance, retirement, bills, etc.
Let’s agree to disagree. That said , I agree with the additional costs outside of the rent.
You need to make minimum 112k annually to pay $3,126 if you’re going by the 3 times rent rule.
Which is what socialist, liberal, progressive democrats in Albany wanted when they hatched out 2019 changes in RS law.
By allowing more upper middle or whatever income households into RS appeal of the thing is broadened which supporters hope will keep it from being attacked in future.
In theory a household can earn excess of $500k to a $1 million and still have a RS unit.
These rents may fit a brand new building, but I've found in year 4 my brand new building is letting it's standards fall very noticeably. This makes whatever the rent is at over 100 AMI less of a value, therefore less affordable.
Outside of certain projects thing to always keep in mind is that these "affordable" or "low income" lottery units are part of market rate buildings. City does its best to bring rents down for lottery units, but things are what they are....
City forces landlords for these lottery units to give up quite a lot. This includes but not limited to lower rents where unit is all electric (tenant pays heat, hot water, etc.. and it's all electric), discounted or free amenities, etc...
Outside of certain projects thing to always keep in mind is that these "affordable" or "low income" lottery units are part of market rate buildings. City does its best to bring rents down for lottery units, but things are what they are....
City forces landlords for these lottery units to give up quite a lot. This includes but not limited to lower rents where unit is all electric (tenant pays heat, hot water, etc.. and it's all electric), discounted or free amenities, etc...
"Residences come equipped with air conditioning, dishwashers, split unit heating and cooling, name-brand kitchen countertops, appliances, and finishes, intercommunication device, hardwood floors, and energy-efficient appliances. Amenities include virtual doorman, pet-friendly policies, shared laundry room, package room, bike storage lockers, recreational room, and an outdoor terrace. Tenants are responsible for electricity, which includes heat, hot water, and stove."
Though it was market rate, I recently lived in a new build in Morningside Hts where they put an individual wall mounted hot water on demand unit in every apartment. I had no economies of scale for utilities and moved out after less than a year.
The first all electric building in brooklyn is being built now and it will have affordable housing. It's good that people have an incentive not to be wasteful, but I'm sure people will have a bit of awakening when they get the utility charge on the rent.
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