Now housing lottery for 595 Dean two-tower complex won't launch until May. So move-ins for "affordable" units will come well after market-rate tenants.

Yesterday, those on the mailing lists for Brownster and the Brooklyn Paper (both part of Schneps Media), received sponsored messages alerting them to the lottery for the 240 "rent stabilized Pacific Park apartments" at the two-tower, 798-unit 595 Dean complex.

That's notable for a couple of reasons. 

First, the alert notes that the housing lottery will open in May, rather than March or April as previously suggested by a representative of developer TF Cornerstone, or "soon," as indicated in the screenshot below right from last November.

There's typically a 60-day application window, then it may take two to ten months to hear back according to the city, which is followed by an interview and evaluation process.

In other words, tenants of the income-targeted units will move in well after those in the market-rate units, given that the building is now said to be open. (The open space, at least, should be closer to completion.)

What's "affordable"?

Second, the term "affordable," though it does appear lower in the marketing materials, is clearly not seen as crucial to marketing as "rent-stabilized," which offers tenure of occupancy and modest rent increases. After all, "affordable" merely means 30% of income.

Third, and related, though the developer's web site offers much information about how to apply for income-targeted housing, it says nothing about the income brackets and the rent levels.

Remember, developer TF Cornerstone was very reluctant to reveal (but eventually did) that the "affordable" units would be limited to middle-income tenants earning 130% of Area Median Income (AMI), most likely earning six figures.

As I've written, the developer, recognizing reality, won't market the "affordable" units for the maximum levels allowable under elevated 2022 guidelines, that could mean studios for $3,035, 1-BRs for $3,253, and 2-BRs for $3,903.

Screenshot posted 11/22/22

Rather, they'll offer a discount, perhaps even off 2021 guidelines, as did Plank Road (662 Pacific St., B15) and Brooklyn Crossing (18 Sixth Ave., B4):

• studio: Brooklyn Crossing: $1,905, Plank Road: $1,547; allowable: $2,263
• 1-BR: Brooklyn Crossing, $2,390; Plank Road: $2,273; allowable: $2,838
• 2-BR: Brooklyn Crossing, $3,344; Plank Road: $3,219; allowable: $3,397

Then again, the new benchmark is being set by the "supertall" Brooklyn Tower, which recently announced "affordable" rents for 130% of AMI tenants as: studio: $2,630; 1-BR: $2,811; 2-BR: $3,360.

The fact that they need to market these units so aggressively--at a time when people are desperate for truly affordable housing--confirms that the demand is far less for such higher rents.

It's all relative

That said, the units are a bargain compared to the market-rate ones. It's just that those most vocal about Atlantic Yards affordable housing didn't earn six figures. They sneered at them.

“The reduced amount of opportunity is unacceptable,” Marie Louis of Brooklyn United for Innovative Local Development (BUILD) told the New York Observer's Matthew Schuerman for an 8//1/05 article about a proposal for an alternative smaller project. “We can’t afford to trade 2,250 units of affordable housing for 573... You can’t see that when you’re a member of a household with a $100,000 income.”

But there's a cost to delay, as "affordable" becomes ever costly. Would a smaller project have delivered more public benefit?