NYC housing: do good things come to those who wait? (fit in, real estate)

[Elvira Black]

I just read about a huge new coop/condo? development going up on the East River waterfront in Williamsburg, scheduled to open in the summer of '09.

The interesting thing is that, due to the city's 421a tax abatement law, 20 percent of the development will be reserved for lower income residents, with one and two bedrooms renting for $800-$1200 (!!!).

http://www.nytimes.com/2007/08/26/re...ref=realestate

This particularly interested me because I know a few people who got on waiting lists for Mitchell Lamas (or something similar) and eventually got in. Of course, some of the Mitchell Lamas are opting out of the program, I think...but I know there are some buildings where you can get on a wait list for low cost rentals or coops with a 1 to 3 year wait.

Just wondering what people thought about this. Is planning ahead one possible option for those looking for more affordable housing here?

[NickL28]

What about the hoops, red tape, waiting lists in order to get one of these 'affordable apartments'. We also know that real estate in NYC is some of the most discriminatory in the country except it is well hidden.

Yuppies, hipsters (and their parents) may not want their kids living along side browner lower income people. That is the truth.

[Elvira Black]

Yes, but is a prime area now, and I doubt they'll have any trouble getting buyers. Young white kids in Williamsburg already live amongst the poor, no? Unless every poor person has already been pushed out...

And waiting lists is what I'm talking about...but most people wouldn't think of that option. Worked for me in the past and a few others I know.

[newmom31]

I've actually been called for an eligibility interview for this housing development. I applied in Nov of 07 and got an interview in June of 08. Now, even with winning the chance to interview, I'll be damned if I can figure out how the rest of this process works. I know that I am income eligible, and I live in that community board. That's supposed to give you a 50% preference, but then you go on a waiting list for the available apartments. So, I couldn't tell you what my chances even are after putting my name in the hopper.

[vitalove]

Developments such as this will have such an overwhelming response of eligible applicants, that many resort to lotteries and waiting lists.

And waiting around for this sort of thing is all too common. There are people still waiting having applied for spots back in the 1980s.

[UpsonDowns]

I volunteer with senior citizens and one of the women I work with lives in Penn West, a middle-income co-op in Chelsea. When her daughter turned 18, she put her on the waiting list. Her daughter wasn't the least interested in staying in the building, but 15 years later when she was ready to settle down and have a family an apartment opened for her. The mother and daughter can practically wave to each other from across the street.

I wish I had signed up when I first moved to the city. The list is now closed because it's so long.

[Fred314X]

...And unless they've just discovered some unimaginable new way of building an entire complex, there isn't going to be much to move into by 2009, anyway.

[tpk-nyc]

Another problem is that these apartments have very restrictive income requirements. If you don't fit into a narrow income window you can't even apply. The requirements on the buildings that I've looked at are either very low (under $27,000) or comparatively high (over $60,000). There are very few for people in the middle ($35,000 to $45,000).

[K 22]

Originally Posted by tpk-nyc

Another problem is that these apartments have very restrictive income requirements. If you don't fit into a narrow income window you can't even apply. The requirements on the buildings that I've looked at are either very low (under $27,000) or comparatively high (over $60,000). There are very few for people in the middle ($35,000 to $45,000).

I think this is similar to the application process that the Riverbay Corporation gives for people wanting to move to Co-op City.

[Guywithacause]

There are a number of quite nice affordable housing buildings in the Bronx, also with very strict income limits. The one built by me a year ago is still only 1/3 full probably because it is so strict (which is good)....Mott Haven, Melrose, Hunts Point, and Concourse (generally the South Bronx) have numerous affordable housing developments coming online...I recommend taking a look as income is typically restricted to $25,000-$60,000, depending on # of bedrooms and family size.