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You have to hand in your savings and checking account statements, IRA and 401(k) statements, etc., if you are called in for an interview. Two years of tax returns also.
If you have cash stuffed in your mattress, a Picasso hanging on your wall, or a Tesla in your garage, that's not counted.
what if you have a loan for a car that shows up on your credit report? obviously if you have a loan youre still paying it off so it wouldnt count as an asset right?
If you live in the city and save every dime you can and accrue 100,000 in savings you still can’t afford to buy an apartment suitable for a family of 4. I am shocked that people think 80K is enough for a downpayment for a home. Where are you living? Fantasy Island, not the five boroughs. Affordable housing should still be set aside for people with savings accounts that exceed 60% of AMI. You have already paid taxes on that income, why should it count twice? And why should it count against you?!? These programs should also include families with savings and retirement accounts. They should encourage families to save so that they can move out and move up in life, rather than spend every dime. It is insane to me that someone thinks 80k is a lot of money these days. In NYC...where rents are upwards of 3K per month for studio apartments. Affordable housing shouldn’t exclusively be for working poor. I live in a smal 80/20 one-bedroom (with two kids!) and my husband and I have been able to save a lot but our income is still below 60 each year—we deserve to live in a larger affordable unit but these new asset guidelines make us ineligible. How is that fair?
If you live in the city and save every dime you can and accrue 100,000 in savings you still can’t afford to buy an apartment suitable for a family of 4. I am shocked that people think 80K is enough for a downpayment for a home. Where are you living? Fantasy Island, not the five boroughs. Affordable housing should still be set aside for people with savings accounts that exceed 60% of AMI. You have already paid taxes on that income, why should it count twice? And why should it count against you?!? These programs should also include families with savings and retirement accounts. They should encourage families to save so that they can move out and move up in life, rather than spend every dime. It is insane to me that someone thinks 80k is a lot of money these days. In NYC...where rents are upwards of 3K per month for studio apartments. Affordable housing shouldn’t exclusively be for working poor. I live in a smal 80/20 one-bedroom (with two kids!) and my husband and I have been able to save a lot but our income is still below 60 each year—we deserve to live in a larger affordable unit but these new asset guidelines make us ineligible. How is that fair?
No one 'deserves' anything.
$3k studios are likely in Manhattan. There are other boroughs in which you can find a two bedroom for less than that. It's about choices. You have them. You said you have saved "a lot" so why not move to a bigger place in the outer boroughs? Or to Jersey. Or somewhere else. You seem to think that because you work and saved that that entitles you to a low cost apartment. I don't see how that makes any sense. There are rungs below you on the ladder that you can hang on to if you fall a bit. Many others are hanging on the bottom rung with zero safety net under them.
$3k studios are likely in Manhattan. There are other boroughs in which you can find a two bedroom for less than that. It's about choices. You have them. You said you have saved "a lot" so why not move to a bigger place in the outer boroughs? Or to Jersey. Or somewhere else. You seem to think that because you work and saved that that entitles you to a low cost apartment. I don't see how that makes any sense. There are rungs below you on the ladder that you can hang on to if you fall a bit. Many others are hanging on the bottom rung with zero safety net under them.
I grew up in lower manhattan and was rapidly priced out. I do think it is a matter of entitlement. I think families like mine DESERVE a break and shouldn’t be squeezed. These developers are making money HAND OVER FIST and the city rewards them with outrageous perks and tax breaks while the rest of us jump through hoops to get affordable housing. Every rung of the ladder is entitled to affordable housing, qualty education and free healthcare. As for our personal savings, as much as we have saved, in this country, we are probably one major illness or bad year away from broke. There are no safety nets—unless you are rich.
We are frugal and save money but why should all of our hard earned money go to rich land owners and developers? Like surfs? Why should we move from our neighborhood just to afford a two-bedroom?
You know I’m not wrong. It is time for all of us in the middle and bottom to say enough! How much more can we spend? .
I grew up in lower manhattan and was rapidly priced out. I do think it is a matter of entitlement. I think families like mine DESERVE a break and shouldn’t be squeezed. These developers are making money HAND OVER FIST and the city rewards them with outrageous perks and tax breaks while the rest of us jump through hoops to get affordable housing. Every rung of the ladder is entitled to affordable housing, qualty education and free healthcare. As for our personal savings, as much as we have saved, in this country, we are probably one major illness or bad year away from broke. There are no safety nets—unless you are rich.
We are frugal and save money but why should all of our hard earned money go to rich land owners and developers? Like surfs? Why should we move from our neighborhood just to afford a two-bedroom?
You know I’m not wrong. It is time for all of us in the middle and bottom to say enough! How much more can we spend? .
Truth is, everyone is just trying to stay above water. Even if most people agree with you, I doubt anything can be done with it. After all, is NYC.
We are frugal and save money but why should all of our hard earned money go to rich land owners and developers? Like surfs? Why should we move from our neighborhood just to afford a two-bedroom?
The money should go to rich land owners, because they're the ones who own the asset you're trying to purchase. It's really that simple.
If you have amassed $80K in savings, that means that you could have afforded a bigger place. it means you likely could have moved into a suitable place YEARS ago, and paid more money THEN, and it would probably be about the same as the "affordable" rate now.
You chose to save your money instead. Cool.. but to think that you're owed something now is a bit crazy. You made choices with your money. You chose to have savings... so.. idk.. USE them? You think the system is supposed to allow you to opt out of putting your money into housing all these years, so you can keep all that money and then be given affordable housing on top of that? You're not at all in the same position as someone who's been barely hanging on, and not able to save up $800, never mind $80K.
I agree that the system isn't currently designed to help out the middle class much.. but ****.. most "middle class" people in this city don't have $80K lying around either. Spend your money to purchase things that your family wants/needs. I'm supposed to help subsidize your unwillingness to do that?
I grew up in lower manhattan and was rapidly priced out. I do think it is a matter of entitlement. I think families like mine DESERVE a break and shouldn’t be squeezed. These developers are making money HAND OVER FIST and the city rewards them with outrageous perks and tax breaks while the rest of us jump through hoops to get affordable housing. Every rung of the ladder is entitled to affordable housing, qualty education and free healthcare. As for our personal savings, as much as we have saved, in this country, we are probably one major illness or bad year away from broke. There are no safety nets—unless you are rich.
We are frugal and save money but why should all of our hard earned money go to rich land owners and developers? Like surfs? Why should we move from our neighborhood just to afford a two-bedroom?
You know I’m not wrong. It is time for all of us in the middle and bottom to say enough! How much more can we spend? .
Such is life
But I don’t agree with affordable housing in the first place. Subsidized housing contributes to the rising cost of living for everyone because at the end of the day someone always pays the rich developer. Our country is built on capitalism and supply and demand.
If you believe in socialism it’s not happening.
My advice save to buy. Best case scenario for working class, renting for years is a waste. Affordable housing are good for those who get comfortable. Build up your wealth and make sacrifices if you have to (roommates, less than ideal neighborhood)
I think the huge sums of money and tax break given to developers are an example of trickle-down economics. As we all can see, it doesn't work very well. The number of units it creates is just too small.
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We all deserve low cost living
