It’s the “problem of time,” as I’ve written: delay in building affordable housing can be crushing because such below-market apartments rely on regionally-calculated Area Median Income (AMI), which has always been higher than actual median income in New York City or Brooklyn.
Also, it has risen much faster, especially in recent years, with even more of the distortion blamed on a High Housing Cost Adjustment.
Consider this sequence, based on 100% of AMI for a four-person household.
(Note: the city now likes to use a three-person household, perhaps because that slightly tempers the drastic increase, but Atlantic Yards AMI was always framed with a four-person base.)
2005: $62,500, as indicated in the Affordable Housing Memorandum of Understanding original developer Forest City Ratner signed with advocacy group New York ACORN.
2006: $70,900, as indicated in an slideshow Forest City presented regarding affordable housing to potential renters.
….
2012: $83,000, as indicated in a presentation Forest City made regarding the first tower, B2, 461 Dean Street, which was expected to start construction.
2013: $85,900, as indicated in this report from NYU’s Furman Center.
2014: $83,900, as indicated in my coverage.
2015: $86,300, as indicated in my coverage.
2016: $90,600, according to NYC data.
2017: $95,400, according to NYC data.
2018: $104,300, according to NYC data.
2019: $106,700, according to NYC data.
2020: $113,700, according to NYC data.
2021: $119,300, according to NYC data.
2022: $133,400, according to NYC data.
2023: $141,200, according to NYC data.
2024: $155,300, according to NYC data.
2025: $162,000, according to NYC data.
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