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kinovelo t1_jax56xh wrote

Reply to comment by Suspicious_Error_722 in NYC official says city is spending an estimated $10M a day on housing, feeding migrants by NYY657545

Nobody would construct a building where they’d lose money because all of the tenants are low-income and only pay 25% of market rate. Getting $2,500 for a $3K apartment is likely sustainable (they’d more than break even on that); getting $750 likely is not. The developer would likely go bankrupt if all units cost that little.

Ultimately, we need to reduce market rates across the board, where profit margins for developers are lower, but the idea that people are entitled to “free stuff” just because of their income isn’t going to fix anything on a macro-level other than for a select few people that win a lottery.

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Suspicious_Error_722 t1_jax7a4a wrote

It is my understanding that the developers are benefiting from the program through a contract from the city. Not all of the apartments in these housing lotteries are the same price or are at decreased value. The apartments range from $36 - $75 or more. The point of the program is to provide affordable housing to people that need it. It has been sustainable because only a percentage are required to be affordable. However, making a building under the program that benefits from what should have been for people within the 45-80 bracket doesn’t make sense if it isn’t accessible to those people. People with those brackets aren’t considered low income and cannot benefit from any other program in the city. It is just corrupt for someone to use funds for a program meant for the sole purpose of providing housing options to people in the city that need it with rising costs of living. Especially when you consider rent is the larger bill anyone has on a monthly basis. Someone making $100,000 isn’t someone with a need. No one is saying they can’t make the building, just don’t use the affordable housing program to do it.

You won’t be able to control the market price, that’s why the affordable program exists. That was the entire purpose of it. Money is set aside for the program and why is it we can offer tax breaks to the rich or forgive banks but we can’t have a program that benefits the working class. You know the people that still pay taxes but struggle. It doesn’t make sense to me.

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