Affordable Housing in CH Discussion

In addition to the prosecuting the landlord mentioned on Oct 8th, the Attorney General has now taken down its first "Tenant Relocator":

http://therealdeal.com/blog/2014/10/27/ag-puts-first-tenant-relocator-out-of-business/

The low hanging fruit is usually picked first.

Do we think the AG has the time and resources to get the other "fruit"?

If they call it market rate, DeBlasio doesn't get to count it toward the totals he is working toward.

Also note that the city's ability to make a developer abide by low rents is in direct relation to how much they give the developer. In this instance, only $2.9M changed hands.

"The project was reinvigorated four years later thanks to a $2.9 million subsidy from the Housing Asset Renewal Program, or HARP, meant to create middle-income housing from stalled condo developments, the report said."

Yup, that's the case in the short run.

However, the apartments have to remain rent stabilized for some period of time.

So, if the RGB continues to not authorize increases and the prices continue to escalate, the apartments could become affordable.

I'm interested in seeing how many people apply for the units.

HARP is an interesting in that it creates such apartments from stalled condos.

If I were mayor, I think I would use that $2.9M to subsidize said condos so middle income could OWN in the city.

...but clearly, I am not mayor and did not run on a platform that only measured me on how many RENTALS I created.

Hey Deblasio, thanks for the middle income rentals. However, helping amiddle class people to own units would allow them to build and create wealth.

....that would not only free them from the yearly RGB drama, but go a long way toward your utopian goals.

shhhh. Don't tell the people that are so dumb they just count the total number of affordable units created.

DeBlasio has to fulfill their beliefs that he is changing the world! They think he can repeal the law of supply and demand.

Inflation and wage growth seem like they've been low enough for long enough, and don't seem to be tending upward anytime soon, that those apartments will never become 'cheap' by any reasonable standard. Or even 'reasonably priced.'

@southeast
@mugofmead111

BTW, the deal with the developer of the above property stipulates that the rents be maintained for 30 years:

http://www.nydailynews.com/new-york/exclusive-odds-slim-finding-affordable-housing-ny-article-1.2312553?cid=bitly

I believe that means the apartments will subject to rent stabilization rules for 30 years, not the exact current rents.

I was going to ask would the rent approach $2,699 - the (current) event horizon of rent stabilization?