The STUY TOWN lottery starts today! (March 1) (Accord: neighborhood, calculation)
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I would love to live here but they are crazy. No wonder they can not get middle income people. If you have no debt, little expenses, no kids, and/or help paying your expenses you MIGHT be able to do this or you will never save any money. On the SURFACE, we qualify but in REALITY I can't afford 2800 or 3300. Ideally we need 2 bedrooms. There are two (2) of us. Me and a son (a toddler). How long can he share a room with me? I make about 104,000 per year. I pay 1800 a month in child care. I know its a lot but I need this care to effectively do my job. I have student loan payments because got a good education to get a good job. When I was off on maternity leave (2 years ago) I charged up some debt to support us that needs to be repaid. This rent is ridiculous and I would have to get a roommate. FUNNY. I still applied because who knows? If I can get the kid into a FREE quality school we could live the dream, RIGHT? I am so cynical right now. We have been blessed and are doing OK and I know have a lot going for us but DAMN.
AND MUST I ADD. Even the low income apartment rent (for people making around 53000) would leave us financially insecure. People making 100000 pre tax in NYC with any other responsibilities cannot pay 3300.
This is who i see getting this:
Someone who can GAME the system. (I/WE qualify as a single adult/roommate situation but I have three other unofficial roommates who are waiting in the wings to share the cost. SHHHHH)
Or someone from a privileged background. (I have job (probably entry level and I will be making double that soon after moving in) that pays me about 110000 and my parents and/or scholarship paid ALL my education expenses, I am debt free, child free, and fancy free)
OR
(We are a family of 4 with a parent who makes more but we have a few kids and a stay at home parent with no income and we are debt free)
rolling my eyes
Last edited by parisbraden; 03-09-2017 at 08:22 AM..
Reason: more detail
I agree with you. Who is the lottery really benefitting? For every NINE middle-income units, there is ONE low-income unit. Pretty unbalanced.
Then, as you state, the middle-income apartments are no bargain. ST needed to make the middle-income units a couple of hundred dollars cheaper than they are. That won't happen.
The city blew millions of dollars on this deal, just so de Blasio could say he created 5,000 units of affordable housing. What a crock.
Good Deal for the Owners, Bad Deal for the City, Worse deal for others
I wonder how much of a DEAL this is for the city to "save" these 5000 apartments. I really don't know but I wouldn't be surprised if it was better to just let apartment go to market and make sure to enforce the laws to a T so there is no cheating when they TAX the profits. You get your profit and pay taxes. Allowing all these loopholes results in a lot of "games." Tax break for WHAT? It would cut into profits to just rent at market and pay taxes. Maybe when we collect enough taxes we can invest that in alternative solutions to provide affordable shelter to those who need it. I guess this "DEAL" will make a few lucky people happy - the few who win the lotto and can actually afford it. This was just something shiny to dangle in front of people to keep them happy, given them hope, and keep them complacent. I agree, it is even worse that so few of the apartments are low income. Tax break for what?
I just received an email saying that they're ready to process my StuyTown Lottery, and I decided to send over my info. Based on the rent, I'd most likely turn this down since the apartments aren't all that convenient and the rent would make me rent burdened.
However, if I do know that I plan to switch jobs or get a significant pay raise upon lease signing, I'd move forward. Otherwise, anyone who moves forward with an apartment at this price at the aforementioned salary brackets, is definitely financially irresponsible. You'd need untraceable income or literally have no other expenses to afford a unit like this.
I just received an email saying that they're ready to process my StuyTown Lottery, and I decided to send over my info. Based on the rent, I'd most likely turn this down since the apartments aren't all that convenient and the rent would make me rent burdened.
However, if I do know that I plan to switch jobs or get a significant pay raise upon lease signing, I'd move forward. Otherwise, anyone who moves forward with an apartment at this price at the aforementioned salary brackets, is definitely financially irresponsible. You'd need untraceable income or literally have no other expenses to afford a unit like this.
What are the rents? Are you in the upper income bracket?
Yes, I got contacted by them again (having applied on the theory that my life circumstances could change) and didn't even bother to send in my information. It's an absurd rent, given the income bracket. No wonder they can't fill them.
I moved in in April. The 80% bracket is a great deal. $1413.30 for a 800 sq ft one-bedroom apt with all utilities included.
@wiivile The rent would be $2,805 for me as a single person. Not to mention these buildings sometimes tack on extra maintenance fees for general upkeep and access to areas of the building. If I'm looking to pay student loans, contribute to 401K, travel, hang out with friends, eat food meant for human consumption, and general life obstacles, I would not be able to afford this without knowing my income will increase in the near future upon lease signing.
Are utilities included for all the units? i.e. heat, electric, gas, AND AC? If so, that could sway me.
@wiivile The rent would be $2,805 for me as a single person. Not to mention these buildings sometimes tack on extra maintenance fees for general upkeep and access to areas of the building. If I'm looking to pay student loans, contribute to 401K, travel, hang out with friends, eat food meant for human consumption, and general life obstacles, I would not be able to afford this without knowing my income will increase in the near future upon lease signing.
Are utilities included for all the units? i.e. heat, electric, gas, AND AC? If so, that could sway me.
Well, my $1413.30 number includes the monthly a/c surcharge of $26.65 per air conditioner. The base rent is $1360 and there are 2 air conditioners (each coasting $26.65 per month) so the total is $1413.60, which yes includes heat, electric, gas, water, and A/C. The number you are quoting probably excludes the A/C surcharge.
Otherwise, it is all inclusive. There no other 'maintenance fees'. The lease is very strict about there not being any rent increases due to capital improvements and such.
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Good Deal for the Owners, Bad Deal for the City, Worse deal for others
