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120K is around 2600.00 after taxes every 2 weeks. Nobody wants to pay rent and have 200.00 bucks left over to survive for 2 weeks before their next paycheck rolls in.
120K means nothing anymore in NYC like it did in the 1980's. 300K is the new 120K of 2014 and for this entire decade for that matter.
If you make 120K and pay the 743.00 for the 3 bedroom then you have the best deal on this planet.
Oh..and good luck to everyone who is applying tomorrow.
if you're making 120k and living paycheck to paycheck then that person has no idea how to manage money.
2400 is definitely affordable for someone making over 5k a month
And 2600 every 2 weeks would be 62k a year, you do not get 50% of your income taken out for taxes.
Someone making 120k will bring in almost 3,500 every 2 weeks.
I'm not sure how much you make, but i am guessing it's under 100K because you would know that close to 40% of your paycheck goes to taxes. I'm in 120K vicinity and i surely don't pocket 3,500.00 after taxes every 2 weeks and you can ask anyone else in this forum if they make 3,500.00 after taxes every 2 weeks. If they did, they wouldn't need this lottery. 150K to 160K will get one around $ 3,500.00 every 2 weeks after taxes.
Someone who makes 25K annual goes home with around 600.00 every 2 weeks. Go do your math.
Good luck to all that applied. I recently did a lottery as well in LIC and it was full of drama and tears.
I agree that the prices for middle income are not financially friendly at all for the Hunters Point South. The middle income studio should be the price of the 1 bedroom. Almost 2K for a 1 bedroom is really pushing people who are single to the brink of their financial stability and happiness to live for 2 more weeks before they get paid again. Let's just pretend everyone lives paycheck to paycheck.
I thought the middle income lottery for the Q41 apartment complex were a bit more financially friendly.
I agree that the prices for middle income are not financially friendly at all for the Hunters Point South. The middle income studio should be the price of the 1 bedroom. Almost 2K for a 1 bedroom is really pushing people who are single to the brink of their financial stability and happiness to live for 2 more weeks before they get paid again. Let's just pretend everyone lives paycheck to paycheck.
I thought the middle income lottery for the Q41 apartment complex were a bit more financially friendly.
This is the problem with these lottery apartments. The income levels are all over the place. If you go by the 30% rule, most of these are not affordable. I guess I'll have to move to Detroit.
I've noticed with the recent spike in middle income lotteries that the future lotteries keep increasing the price when it comes to the middle income bracket. It is very unfortunate. The Hunters Point South lottery flyer is basically telling all applicants that it pays to NOT make a decent living. The max for the 2 bedroom middle income should be 2100.00. That 3400.00 for the 3 bedroom is insane.
Most of the real problem is, I agree, everybody for “affordable” should be at 80% AMI. 130% AMI, I’ve done the math at my price point, that’s “affordable” in someone’s delusions. If they tell you you’re in the “130%” you might as well hang it up, because that’s tantamount to saying they want you to pay an extra 30% you can’t afford (trust me, you don’t even need to do any math, “you are in 130% bracket” always = “outrageous”). I in fact got called for Elliot J. Hobbs (and turned it down) in the 43,000s, yes that’s right, and no preference; my cynical assumption was that I get leapt upon even in the five digits, because they need a cross section of different household types, and I’m the only single female nutbar at the barely-qualifying salary level who’s stupid enough to even temporarily pretend they’ll shell out 2K (I won’t. As I may have mentioned before you could offer me a loft in Soho at 2K, I still can’t pay it).
I begin to cynically join those people speculating that the NYC government, just wants the middle class to leave.
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