A telling advertorial aimed at six-figure earners: "Ever thought about applying to an affordable housing lottery? You probably already qualify"

There's something telling about the rhetoric here regarding "affordable housing," which I think applies to other middle-income "affordable" buildings, such as some in Atlantic Yards/Pacific Park, similarly accepting middle-income households earning up to 165% of Area Median Income (AMI), which means up to $157,575 for two people.

Ever thought about applying to an affordable housing lottery? You probably already qualify was the headline on a sponsored post (aka advertorial) by developer TF Cornerstone on Brick Underground 6/11/21, regarding a new development in Long Island City.

From the text:

Affordable housing lottery programs have expanded to cover a wide range of low- through middle-income household needs, providing an incredible opportunity for savvy renters to lock-in long-term savings. 5203 Center Blvd. is the latest luxury rental development on the Long Island City waterfront with a significant mixed-income affordable housing component that promises 534 rent-stabilized studio, one-bedroom and two-bedroom apartments.

All residents of 5203 Center Blvd. will also have the opportunity to opt-in to the building’s exciting amenity program. Amenities include a landscaped roof deck with stunning waterfront and skyline views, a terrace with BBQ grills and picnic seating, a sundeck, an indoor lounge and clubroom, dedicated co-working space, children’s playroom, and an expansive fitness center with a yoga studio.

So all residents, including those in the so-called affordable units can "opt-in to the building's exciting amenity program," presumably by paying a fee.

Note that TF Cornerstone is also developering the B12/B13 towers (615 Dean St. and 595 Dean St.) on the southeast block of Atlantic Yards/Pacific Park.

From the Q&A: a six-figure income

2. Do I qualify for affordable housing with an income over $100,000? 

You probably do. Affordable housing programs have expanded to include a wide range of middle-income households. More than half of the available lottery apartments at 5203 Center Blvd. are for middle-income household requirements. A detailed breakdown of the income requirements for 5203 Center Blvd. is available here.

See more on the rent levels below.

From the Q&A: the value of "affordable"

3. Why would I apply for affordable housing if I can afford the market-rate apartments? 

There are significant long-term financial benefits to renting an apartment through an affordable housing lottery program. All affordable apartments are rent-stabilized, providing an incredible opportunity for long-term savings, a guaranteed lease renewal, and protections for tenants from steep rent increases that market-rate tenants are often faced with at lease renewal. Over time, these savings really start to add up. For example, a two-person household that makes from $89,692 to $157,575 could save up to $64,273 over five years, and $144,562 over 10 years. A more comprehensive breakdown of long-term financial benefits can be found here.

They're not wrong that a rent-stabilized lease, even for a relatively expensive apartment, offers valuable protections. But it defeats the rhetoric of "affordable," as well as the political support for such housing, if those applying can simply afford market-rate units.

In this case, "affordable" merely means "income-targeted" rather than, in many cases, both "income-targeted" and "below-market." 

More details

The city's Housing Connect page for the building is here.

There are 110 low-income studios and 64 middle-income ones, each in two income "bands," with projected rents from $537 to $2,028.

There are 28 low-income one-bedrooms and 117 middle-income ones, with projected rents from $683 – $2,544.

There are 22 low-income two-bedrooms, and 193 middle-income ones, with projected rents from $1,071 to $3,065.

Note a distinct skewing of low-income households to smaller apartments for singles and couples.