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LOVE the location. But darn these 130 AMI prices are just too high..
For example, 1 bed room rent is 2689. If you go by market rate standard, you'd need 40x and that's a 108k income. Which is literally the max cap for the bracket. What about the people who make 86k? It simply isn't "affordable".
This place looks great! Wondering about laundry, doesn’t state W/D in unit or shared laundry room. But a building like this has to have some type of laundry setup right?
This place looks great! Wondering about laundry, doesn’t state W/D in unit or shared laundry room. But a building like this has to have some type of laundry setup right?
I noticed that too. On the website (https://111varick.com/residences/) it says there's in-unit washer/dryer. But could they have omitted those for the affordable units? Or is it just a mistake on the Housing Connect listing?
There are lower AMIs reserved as well. Market rate is 4500ish and having a chance to live at 2700 is a huge discount.
Yes and if you're in the lower AMI, all the better for you if you can pay the rent. I didn't comment on the rent for other AMIs. I'm simply saying the real winners here are the developers and owners who are getting a tax break from making the building affordable but the rent is still a burden on whoever is paying. If they really want to make it more affordable, why didn't they base the rent on the lower end of the bracket instead of the highest?
Just because it's discounted doesn't make it affordable.
This place looks great! Wondering about laundry, doesn’t state W/D in unit or shared laundry room. But a building like this has to have some type of laundry setup right?
All the units including studios on streeteasy have in unit w/d. I would assume it's the same for affordable units. Probably just forgot on the posting.
This is riiiiiiiight next to the Holland Tunnel on-ramps. Gonna be noisy as all-get-out and it will be a daily pain dealing with the traffic. Also, the exterior looks ugly. But, hell yeah, if I were in a lower AMI, I'd snap it up. The 130% AMI rent looks like one more appropriate for a 160% band, though still ”inexpensive” for Soho.
Wow and I thought 1 Boerum was already pushing the upper limit for 130% AMI at $2500 for a 1-bed.
Doesn’t matter that $2700 is a steep discount from $4500. You’d still be $2700 poorer per month post-tax. That’s 50%+ of take-home at the lower range of the AMI, which is literally the definition of "rent-burdened." I wouldn't be surprised if 130% AMI people were living paycheck-to-paycheck at that rent despite making ~$100k/year, especially if you still have school debt to pay off, etc. Ridiculous. No thanks lmao
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