They're not-so-affordable because there are other units--not necessarily as new, or well-located--that people can find on the open market. But they happen to be somewhat better deals than they were, as I explain before.
(The announcement from the New York City Housing Development Corporation, with information on applications, is excerpted at right and below.)
There are 181 income-restricted units in the tower flanking the Barclays Center, but only 15 studios and five one-bedrooms at those specific rent levels. (See original announcement at bottom.) Half the building is market-rate units.
Rent stays fairly stable
The rent hasn't changed much since the housing lottery was advertised in 2016. The rent for a studio has gone up from $1,996 to $2,025, a 1.45% increase. The rent for a one-bedroom has gone up from $2,504 to $2,541, a 1.48% increase.
At 461 Dean, market-rate studios have been advertised, in the past year, from $2,283 to $3,254, with most units clustering between $2,400 and $2,700. Market-rate one-bedrooms have been advertised between $3,042 and $3,800, with most units clustering between $3,100 and $3,400.
Income range expands: studio
Today, the $2,025 studios are available to those with incomes between $71,829 - $119,520. The latter range is between 96.2% and 160% of 2019 Area Median Income (AMI), which is $74,700 for a single person.
The $2,504 one-bedroom apartment in 2016 was available to two persons with annual incomes between $87,429 - $116,000, or between 120.59% and 160% of AMI, which was $72,500 for two. Annual rent, $30,048, represented 30% of the income of two people earning $100,160, which was 138.15% of AMI.
More curious is the change in income limits.
The $1,996 studio apartment was available to individuals with annual incomes between $69,943 - $101,600, was between 110.2% and 160% of AMI (Area Median Income), given that, as of 2016, AMI was $63,500 for one person. (Note that units at two other Atlantic Yards/Pacific buildings with income-restricted units, 535 Carlton and 38 Sixth, have income limits of 165% of AMI.)
Annual rent for that studio, $23,952, represented 30% of the income of someone who earned $79,840, which was 125.73% of AMI. That was a pretty good deal for those at the higher end of the income scale, but it's better now.
Annual rent, $24,300, represents 30% of the income of someone who earns $81,000, which is 108.43% of AMI. So people who are earning more than that sum--a large number of those eligible--would be paying much less than 30% of their income in rent.
Income range expands: one bedroom for one person
Income range expands: one bedroom for one person
Similar changes are visible for the one-bedroom units.
The $2,504 one-bedroom apartment in 2016 was available to individuals with annual incomes between $87,429 - $101,600, or between 137.684% and 160% of AMI, which was $63,500. Annual rent, $30,048, represented 30% of the income of someone who earned $100,160, which was 157.32% of AMI.
Today, the $2,541 one-bedroom is available to individuals with incomes between $89,692- $119,520. The latter range is between 120.07% and 160% of AMI. Annual rent, $30,492, represents 30% of the income of someone who earns $101,640, which is 136.06% of AMI.
Again, people who are earning more than that sum--a decent number of those eligible--would be paying less than 30% of their income in rent.
Again, people who are earning more than that sum--a decent number of those eligible--would be paying less than 30% of their income in rent.
Income range expands: one bedroom for two people
What about two-person households seeking one-bedroom units?
The $2,504 one-bedroom apartment in 2016 was available to two persons with annual incomes between $87,429 - $116,000, or between 120.59% and 160% of AMI, which was $72,500 for two. Annual rent, $30,048, represented 30% of the income of two people earning $100,160, which was 138.15% of AMI.
Today, the $2,541 one-bedroom is available to two persons with incomes between $89,692 - $136,640. The latter range is between 105.02% and 160% of AMI, which is $85,400 for two people. Annual rent, $30,492, represents 30% of the income of two people who earn $101,640, which is 119.02% of AMI.
Again, people who are earning more than that sum--a decent number of those eligible--would be paying less than 30% of their income in rent.
Again, people who are earning more than that sum--a decent number of those eligible--would be paying less than 30% of their income in rent.
The waiting list
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