Quote:
Originally Posted by BugsyPal
Income requirements for some of these "lottery" 80/20 building units are firmly in what would be called "middle class" (IIRC one building wants $70k per or some such for a single person). So there is that.
Ironically the thing keeping NYC rental housing from accommodating more "middle income" households is the thing Democrats and others cling so dearly to; rent control laws. Property owners and developers are loathe to see their buildings even if not today perhaps in future dragooned into that system so by and large they don't build rental housing. Where they do as we've seen it comes with various carrots offered by NYC and or NYS in terms of tax breaks.
If RS were phased out slowly the housing market in NYC would begin to function as a normal one should. However the pain probably would be greatest to lower and lower middle income households clinging to RS apartments as the only way they can afford to live in Manhattan.
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Rent stabilization is being phased out as tenements have been torn down and replaced by high end housing, and also many tenements have had gut renovations (as in everyone out).
Realistically developers in NYC are attracted to luxury housing because they want to make as much money as possible.
If all forms of subsidized housing disappear, the market would still set Manhattan housing as among the most expensive in the nation.