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These programs hurt the city tax receipts in two ways and hurt our fellow city residents. As shown on this very forum, they encourage people to NOT better themselves. People literally turn down raises and bonuses (which would be taxable income) to remain within "affordable housing" income requirements as they hope to hit the "housing lotto". At the same time, the city gives large tax breaks to deep pocketed developers who offer a percentage of new, striped down units to the program.
They distort the housing market by rewarding the lucky few who "hit the housing lotto" at the expense of everyone else.
This needs to change.
The city should focus on encouraging developers to build modest housing within our city borders and improving transportation, so that our middle class can more easily move to and from our city center, where they may work.
Time to eliminate the farce that is the NYC affordable housing lottery.
I mean, I'm a college educated woman - masters degree in computer science, and I have a job that I absolutely love. Unfortunately, there are people who make more money than I do - like um, lets see... Hedge fund managers???!
I support affordable lotteries. It's not that people don't want to, "better themselves" it's just that the job that they've chosen to do - because of their passion for their specific career of choice, does not pay as much as the wall streeters, nor does it compete with Prince Charles and Lady Diana hand-me-down wealth, nor baseball players salaries, nor does it do much in comparison with the Goldman Sachs kids.
Is this a city, state or federally funded program?
All three.
The tax incentives to developers are paid for by a loss in local NYC and NYS tax receipts that would have been gained by collecting said tax from said developers.
Then fed, state and local loses out on tax receipts that would have been collected from those who choose to pass on bonuses and raises to remain eligible to win an "affordable unit".
If you don't believe people would pass on bonuses and raises for the above reason, please look through the NYC forum here on CD.
I mean, I'm a college educated woman - masters degree in computer science, and I have a job that I absolutely love. Unfortunately, there are people who make more money than I do - like um, lets see... Hedge fund managers???!
I support affordable lotteries. It's not that people don't want to, "better themselves" it's just that the job that they've chosen to do - because of their passion for their specific career of choice, does not pay as much as the wall streeters, nor does it compete with Prince Charles and Lady Diana hand-me-down wealth, nor baseball players salaries, nor does it do much in comparison with the Goldman Sachs kids.
Thee end.
It sounds like you also cannot afford to live in Malibu. Should the county of Los Angeles give tax breaks to a contractor to build you a Malibu beach mansion, just because you cannot afford one? Oh, and make sure you turn down that next promotion, or you may surpass the required income range before you get in.
These programs hurt the city tax receipts in two ways and hurt our fellow city residents. As shown on this very forum, they encourage people to NOT better themselves. People literally turn down raises and bonuses (which would be taxable income) to remain within "affordable housing" income requirements as they hope to hit the "housing lotto". At the same time, the city gives large tax breaks to deep pocketed developers who offer a percentage of new, striped down units to the program.
They distort the housing market by rewarding the lucky few who "hit the housing lotto" at the expense of everyone else.
This needs to change.
The city should focus on encouraging developers to build modest housing within our city borders and improving transportation, so that our middle class can more easily move to and from our city center, where they may work.
Time to eliminate the farce that is the NYC affordable housing lottery.
Awww, Don't be bitter about not winning. Just think, when your boss offers you a raise in 2027 you can ACCEPT it.
It sounds like you also cannot afford to live in Malibu. Should the county of Los Angeles give tax breaks to a contractor to build you a Malibu beach mansion, just because you cannot afford one? Oh, and make sure you turn down that next promotion, or you may surpass the required income range before you get in.
If the county of Los Angeles is running a, "win a Malibu beach mansion" in Malibu, then I will absolutely, as sure as there is a sun, participate.
In other words, if they're going to give it to me, I'm going to take it.
Same applies with the NY State lottery - the money one - Hey, you never know!
Affordable housing should be given on a merit based system, not randomly.
Isn't it already? It's given to those that have issues affording market rate housing.
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