NYC’s affordable housing ideas aren’t the only ones I worry about but here’s why this plan won’t work.
Most of the affordable housing created under these plans will be out of reach for those who need it most: the more than 950,000 city households who earn less than 50 percent of AMI, or about $39,000 for a family of three. Under the Bloomberg administration, the majority of “affordable housing” went to households earning between $80,000 and $130,000. Data shows the city has a surplus of housing for families in this income range.
With the lowest-rent option creating housing for families earning 60 percent of AMI, these apartments will not be accessible to the vast majority of people currently living in the first three neighborhoods slated for rezoning. The median household income in East New York as of 2013 was $31,986, about 41 percent of AMI. In the Jerome Avenue area of the South Bronx, it’s just $25,000, less than one-third of AMI, and East Harlem’s median was 37 percent of AMI as of 2015.
Most locales do 15 percent while the NYC plan aims for 25 percent of new developments to be affordable but what does “affordable” mean?