Looking For Affordable Housing In NYC? Your Odds Are 1,000 To 1

Photo credit: Google Maps

Your odds of snagging an affordable housing unit in New York currently sit at about 1,000 to 1, according to city officials, a sobering figure that shows just how bad New York City’s ongoing affordable housing crisis has gotten.

Housing commissioner Vicki Been told attendees at a City Council budget hearing this week 2.5 million applications were submitted for one of the 2,628 affordable units that became available this year through the city’s Housing Connect website lottery, the New York Post reports.

Compare that to 2013, when 364,000 applications were filed for roughly 2,300 units, giving final odds of about 150 to 1. The Housing Connect lottery doesn’t include units that are reserved for the formerly homeless, seniors and supportive housing.

Demand for affordable housing units has surged in major cities over the past few years, and Mayor Bill de Blasio was elected in large part on a campaign promise to help ease that pain.

A recently passed citywide zoning law is aimed at fixing the problem, but critics say it won't have any teeth until the 421-a tax abatement or something similar is put back into effect. [NYP]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Empire State Building Observation Deck Hemorrhaging Visitors, Value