New York Times: Bloomberg’s “affordable” apartments are not actually affordable for their communities

Last week, the NYTimes ran a story– “Some ‘affordable’ units too costly” February 13– affirming what we have been saying for years: that the subsidized units financed¬†under Bloomberg’s New Housing Marketplace do not actually serve the housing needs of the communities (largely in the Bronx)¬†where they are being built.

HPD is using a “median income” of 79K for areas where the true median income is 29K.

The result is a bonanza for developers, who often double dip by renting unaffordable units pitched as “middle-income” to section 8 recipients. So the City subsidizes the construction, and then pays the unreasonable rents. Sweet!

Check out the Association for Neighborhood and Housing Development’s full report on their website.



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