Tuesday, March 1, 2016

Take a chance on living in a rent-stabilized apartment in Stuy Town

The Stuyvesant Town and Peter Cooper Village affordable housing lottery is underway.

DNAinfo has the details:

The lottery will give as many as 15,000 applicants a spot on a waiting list for affordable apartments in the complex, according to a spokeswoman for Blackstone, the firm that purchased the twin housing complexes last year.

Prices for the affordable apartments vary widely based on unit size and household size. The cheapest option is a studio apartment for $1,210 per month for people making between $36,300 and $48,400, while the priciest is a five-bedroom apartment for $4,560 for families of five to 10 members making a total of between $136,800 and $210,870 per year.

You can head over to DNAinfo for more details. The lottery submission process ends on March 31.

13 comments:

Edmund Dunn said...

DNA already has a major fail on this. ALL renovated apartments (that's the current tale of 2 PCVSTs, renovated vs. non-renovated apartments) listed here drop off the NYS RS law effective 6/2020 when the J-51 tax abatement expires. Watch out for more major media fails re this very complicate NYC deal that has many moving parts.

Forever Rent Poor said...

The income requirements don't really make any sense. You have to make next to nothing, and then not be able to afford $1200, or you have to make $90k. What about those who earn between those two levels? If you partner up with someone, you're likely then making too much.

Anonymous said...

Forever Rent Poor - Which is why it's nearly impossible to get into these types of apartments. However, there are ways...

Scuba Diva said...

"Families of five to 10 members:" frat house!

Anonymous said...

Scuba - More like "Full House" as you likely have to be related.

Anonymous said...

It's almost like the affordable housing programs are designed to stoke middle class resentment. The income caps are ridiculous. A single person making 60k a year cannot afford to live in Manhattan; why are they excluded from affordable housing? And if you make 36k a year, $1,210 is a huge amount to pay in rent. It's just throwing crumbs to the poor in exchange for developers getting rich off zoning variances. The 80/20 split housing is perfect politically because the real estate industry loves the benefits and you can make a big show out of throwing crumbs to the poor, but a few apartments here and there do nothing to ameliorate the underlying problems. It's just bread and circuses.

Anonymous said...

No, Forever Rent Poor, $1200/month or $14,400/year is a reasonable rent for someone who makes $36,300 to $48,400 a year.

JQ LLC said...

Why do people making 100 grand need government assistance finding an apartment. 1210 for a studio is absurd as are these preposterous caps and qualifications.

Affordable housing already exists. The Heights, Far Rock, Brownsville, the Pink Houses in East New York. What are people so afraid of I wonder.

Where the hell is all that Goldman Sachs money that's suppose to improve these neighborhoods? How long must the other half live in squalor and in constant fear of displacement

http://finance.yahoo.com/news/brp-companies-goldman-sachs-urban-152925913.html

Anonymous said...

I'm wondering if I have a better chance of winning this lottery, or proving fraud against my landlord's illegal deregulation in 2003. As far as income restrictions, its all BS and what you make on paper, which as my landlord proved is all easily doctored to screw over those who need it. What is middle class anyway?

Anonymous said...

I've been in waiting list since late '90s ehen I was a struggling artist wannabe. Never selected. Lottery is or was rigged. Friends of friends or relatives of those who already has RS status always got the RS vacancies. When Metlife sold the complex, I finally got an offer but at a market price. It'd would've considerably taken a chunk of my income. Now, I wouldn't even consider living there even if they offer me the rs price back in the late '90s. It's a dorm. Plus, people who pay market rate gets better service and treatment if things need fixings.

And I've said it before, and agree with the commenter, only on paper that your income qualifies. People who will 'win' this lottery are no different than those who can afford market rents. These are the editorial and publishing assistants, social media and content strategists, work in museums, fashion, and media industries, making less than 40K, but their existence here in NYC are subsidized and their rents are paid by mommy and daddy. Income they make they just spebd on their lattes, cocktails, and brunch. But they qualify and will win this RS bs rent lottery.

Anonymous said...

Are these income limits ongoing, or just for the time when the lottery is run?

Anonymous said...

To the person who said $1200 is perfectly affordable for someone making $40k, keep in mind that income is before taxes, health insurance and bills. I used to be in that boat and struggled to afford food.

Anonymous said...

@ March 1, 6:51. Agreed, but it's not just Manhattan. I look at every housing lottery in every borough on the HPD website searching in vain for anything available to single people in the $50-$60K range and there is next to nothing. You either can't make more than around $35K or have to make a minimum of $70K. Enough to keep some of the serving class conveniently close by (don't want to have to wait for the nanny who is stuck on the train), and have a few "starter apartments" for those tech and finance grads. Try finding a market rate apt at $50-$60K a year. If you find one, don't unpack. It will be a short amount of time before your neighborhood is targeted as the next hot place to be.

And the persistent claim that there is so much affordable housing in the outer boroughs is a myth. Developers have swooped in, vacant lots and single or 2-3 family houses are being bought up for millions of dollars. None of it is for housing that will be affordable to anyone with less than a six-figure income and rents are soaring for the existing stock.