You've heard the media and political brou·ha-ha about “rich door, poor door.”
40 Riverside Boulevard AKA 470 West 62nd Street
55 newly constructed affordable housing rental units (20%) monthly rents from $833 - $1082 located at 470 West 62nd Street (so-called poor door) - 219 luxury condominium units overlooking the Hudson (80%) priced from $3M to $25 Million located at 40 Riverside Boulevard (rich door)
So-called "Poor Door" - 470 West 62nd Street So-called "Rich Door" - 40 Riverside Boulevard
New York city and state give out tax incentives to developers in exchange for building affordable housing units, parks even subways stations.
The 421A-tax-abatement bestows property tax breaks for up to 25 years on new multifamily buildings. It was put in place in the 1970s to spur development. The idea was that developers received a tax abatement passed on to owners in new developments in exchange the developers gave back to the city by building a public space and/or affordable housing units.
To be eligible for 421-A in prime Manhattan neighborhoods, developers had to include affordable housing, at least 20%. The 80/20 model has been used by developers primarily on rental buildings for decades. In 2007 421-A was amended. Developers could no longer build affordable housing in outer boroughs but had to build in same community as the luxury building.
The inclusionary housing mandates that the affordable units be in a separate building, in the same community or they can be clustered in what the city calls a building “segment,” which then has to have a separate entrance. A common practice in New York, and in my opinion a non-issue.
The way to get affordable units built now, in quantity, for low- and middle-income families is by inducing the private market to supply it. And that means cutting tax deals with developers. The rich may get richer, but the poor will get apartments.
Brou-ha-ha, politics and every New Yorkers opinion aside, as a transparent public service, for those that actually need affordable housing and qualify for newly constructed affordable housing rental units, I'm posting the application for 55 units at 470 West 62nd Street (so-called "poor door.")
Applications due April 20, 2015. Good luck.
The New York AMI is approximately $60,0000
Extremely Low Income (0-30% of AMI)
Very Low Income (31-50% of AMI)
Low Income (51-80% of AMI)
Moderate Income (81-120% of AMI)
Middle Income (121-165% of AMI)
I'm an advocate for affordable housing and have extensive experience successfully representing sellers and buyers of affordable housing. Primarily as an HDFC coop and HDC Condo expert specialist, a little known market niche. I've successfully represented sellers and buyers with moderate and middle incomes acheive their housing dreams.
A 2009 study by the Center for an Urban Future looked at the strain that housing costs were putting on middle class New Yorkers and argued that it was imperative for New York City to maintain a strong middle class.
We need affordable housing for the firefighters, the police officers, teachers, nurses, — people who start small businesses, which employ many New Yorkers the people who might not be at the lowest income levels but are still priced out of the market.
I would like to see more "affordable housing" for middle and moderate New Yorkers. Call it a "Middle Door."
In 2015 there will be many new residential developments including "luxury" and " affordable luxury" both ground-up construction and the conversion of existing structures for qualified buyers looking for luxury new developments.