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What do you all think? How are the lotteries that are over 100% AMI affordable? Wouldn't an apartment over 100% AMI literally translate to "unaffordable?" Someone, please tell me I'm misinterpreting something here because this has me feeling super bummed out... like there is some kind of loophole for developers to squash affordable housing while taking advantage of their tax breaks. Any chance they'll cut these high AMI's out at some point?
The 130% AMI is the according to the neighborhood average income. How they pull the numbers? I don't know, maybe from a general tax returns?
The 130% AMI is and isn't affordable in some cases. For example if you're living in Manhattan where the prices are normally 3500 for 1 br, and 130% AMI is 2000-2100 rent (because its calculates the neighborhood average income and adds 30% on top) However if it's in some places in queens or brooklyn, the 2100 rent seems much closer to market rate than in the city.
I've calculated my bracket, and the best rent deal I can get is roughly 30% of my salary. It can range up to 35% the most. That's when I would consider it higher diminishing returns.
Developers do get a tax break but the units are harder to fill out, so they lose money if the units aren't fulfilled.
In general, the middle class like myself do need some help in regards to rent. It feels much safer to pay a fixed expense rather then worry about a 10% rent hike the next year that can equal to 100-300 dollars more.
Having an "affordable apartment" doesn't mean it wouldn't be affordable later on. As a working class, I intend to hit higher income or have more promotions down the line in my career. so it makes the rent much easier if rent goes up a fix 2-3% per 2 years and my income increases by 10% every 1-2 years (depending on your field) It makes it much easier to save up to invest / buy a home.
I also believe in spillover effects of the higher AMI in different boroughs like Queens / Brooklyn. They could spend more around the local business and etc to bring up the neighborhood.
I went to a meeting for one of the HDFC co-op lotteries and the panel said that the AMI is calculated for the region, so Long Island, Westchester, and all 5 boroughs are included in the calculation.
This brings the AMI lower than it should be and makes some of the NYC salary cutoffs really aggressive. If NYC or even individual boroughs had their own AMI, more of us would qualify.
I went to a meeting for one of the HDFC co-op lotteries and the panel said that the AMI is calculated for the region, so Long Island, Westchester, and all 5 boroughs are included in the calculation.
This brings the AMI lower than it should be and makes some of the NYC salary cutoffs really aggressive. If NYC or even individual boroughs had their own AMI, more of us would qualify.
You must mean that including Long Island, Westchester, and I believe Rockland brings the AMI HIGHER than it should be. It’s another way people in the five boroughs get the shaft.
A lot of +130% rent rates aren't actually "affordable" and is very close to market rate.
Most affordable housing lotteries I've seen has a more available units for the lower AMIs. The buildings that have a higher selection for +100% are typically luxury buildings.+130% rents are paid at a similar 'rent to salary' rate that lower AMIs are paying for if not even a little more costlier. Also to consideration is that the higher salary you go, the more you get taxed.
I believe each developer or neighborhood has their own AMI breakout and it can vary depending on the location. Middle income needs help too to be able to afford a unit on their own or else they would likely continue living with roommates.
In all, NYC is a very tough and expensive to live in and we're all struggling here
This may be a dumb question but I'm new to the game and don't really understand the AMI calculations. Most apartments seem to list brackets for quite a large range of income, specifically for 130% AMI. There's usually 1 rent price listed with 130% AMI. Does this mean regardless of your income, if it falls into the bracket, everyone has the same rent? Or does it differ depend on specifically which AMI you fall into? I'd think a 40k difference in income while paying the same rent seems less affordable if you're on the lower end.
130 AMI is much better than 165 AMI in my opinion. For new luxury apartments, a market rate one bedroom can go for 3700 but if you fall in 130 AMI you can get a discount and pay between 1700 and 2000. That’s a great deal.
The 165 AMI single people are screwed cause they’re always called for micro animal cage hamster studios or are the only people paying close to market rate in a building housing 40, 60 and 80 AMIs while these latter groups get the extra large comfortable apartments at a quarter of the price.
The brackets overlap. And only 1 rent is listed for such a large range of income regardless if it's 130 or 165. I'm still confused.
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