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The issue with areas like the Bronx is a lot of these developments have large 'affordable' housing component, which may even prevent the area from "booming". Buildings with 70-100% affordable housing are effectively new projects. They won't age well either.
Back in the day, people were moving into 100% market rate housing or maybe 80/20.
Yup they are called the modern-day projects.
Only Place where nice buildings are actually being built, are by the area by the water. Everything else that is being built is for low income or working class.
The issue with areas like the Bronx is a lot of these developments have large 'affordable' housing component, which may even prevent the area from "booming". Buildings with 70-100% affordable housing are effectively new projects. They won't age well either.
Stuff like this is basically a 2022 project building, they even got Acacia affiliate as one of the operators: https://newyorkyimby.com/2020/11/pha...in-harlem.html
Back in the day, people were moving into 100% market rate housing or maybe 80/20.
I've said in the past that the 'affordable' units in these buildings will unfortunately be rented to people whose behavior will eventually drive the market rate renters out. It will take a few years to see if that happens. But no matter what the developer will make money no matter who the tenants are.
I've said in the past that the 'affordable' units in these buildings will unfortunately be rented to people whose behavior will eventually drive the market rate renters out. It will take a few years to see if that happens. But no matter what the developer will make money no matter who the tenants are.
The developer usually passes on operations to one of those HPD slumlords like Acacia to run the whole thing after the building is constructed. In turn, they basically get money from NYC budget to run the building on an ongoing basis.
The issue with areas like the Bronx is a lot of these developments have large 'affordable' housing component, which may even prevent the area from "booming". Buildings with 70-100% affordable housing are effectively new projects. They won't age well either.
Stuff like this is basically a 2022 project building, they even got Acacia affiliate as one of the operators: https://newyorkyimby.com/2020/11/pha...in-harlem.html
Back in the day, people were moving into 100% market rate housing or maybe 80/20.
If I had the choice between some mixed use building and a place in a safe part of the City like Riverdale, I'd pick Riverdale every time. Paying such high prices to live with hood folks just doesn't make sense.
The issue with areas like the Bronx is a lot of these developments have large 'affordable' housing component, which may even prevent the area from "booming". Buildings with 70-100% affordable housing are effectively new projects. They won't age well either.
Stuff like this is basically a 2022 project building, they even got Acacia affiliate as one of the operators: https://newyorkyimby.com/2020/11/pha...in-harlem.html
Back in the day, people were moving into 100% market rate housing or maybe 80/20.
Same thing I have been saying for years. I live in the Melrose area and have since 2016. Housing is booming but when you can get a studio for 600 something dollars, I'm hesitant to use the g word. Also there has been very little investment in the surrounding areas like there was in Williamsburg, Bed-Stuy, and Harlem. These buildings are just nice buildings built in the middle of the ghetto. I grew up in Harlem from 95 to 15 so I saw the stages of development and none of that is happening in the Bronx; it's just new buildings. Harlem started with the affordable housing mostly, then condos and now barely any affordable housing there.
The developer usually passes on operations to one of those HPD slumlords like Acacia to run the whole thing after the building is constructed. In turn, they basically get money from NYC budget to run the building on an ongoing basis.
Explain 'Acacia' to me. I get the idea but why are they worse than other operators?
Explain 'Acacia' to me. I get the idea but why are they worse than other operators?
They are one of the largest non-profits in NYC that derive majority of their revenue from various NYC social services programs, and are the largest homeless shelter operator in the city, and one of the largest slumlords after NYCHA itself. Since their revenue comes from the city itself and not from their customers or clients, their services are what you would expect... They are not at all like a commercial landlord or a developer, since they can ignore market forces or upkeep (just bare minimum what is mandated by the city to keep the city government contracts). Imagine a government-run place, but where the top brass wants to also syphon as much money as possible from the budget and you get Acacia. They also get in trouble sometimes when they get a little too greedy, like one of the more recent lawsuits: https://www.wsj.com/articles/new-yor...or-11563471155 Of course, this stuff never stopped them from being awarded more and more government contracts either.
They are a part of the "homeless industrial complex" in the city, so they always push the agenda and lobby to increase the poor population in the city in the name of equity/diversity, whatever. They, and other companies and non-profits like them, campaign for less commercial housing, but more affordable (so they can get more poor people in), fund campaigns that keep Amazon HQ away, campaign for more homeless shelters, run ads about starving kids (they also get contracts from the city to provide food supplements, but as you know what they provide is cheap unhealthy junk), etc.
Same thing I have been saying for years. I live in the Melrose area and have since 2016. Housing is booming but when you can get a studio for 600 something dollars, I'm hesitant to use the g word. Also there has been very little investment in the surrounding areas like there was in Williamsburg, Bed-Stuy, and Harlem. These buildings are just nice buildings built in the middle of the ghetto. I grew up in Harlem from 95 to 15 so I saw the stages of development and none of that is happening in the Bronx; it's just new buildings. Harlem started with the affordable housing mostly, then condos and now barely any affordable housing there.
Where can you get a studio at for $600 in Melrose?
Where can you get a studio at for $600 in Melrose?
Technically isn't considered Melrose but I just saw this one at 425 Grand Concourse; $362 for a studio. There were a couple other places that are now occupied that had studios that low. La Central included.
Where can you get a studio at for $600 in Melrose?
It's for new low income buildings.
It's not for market rate or even rent stabilized anymore.
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