Almost 60,000 People Applied For 105 Affordable Housing Spots In Greenpoint
Photo from Brownstoner
If the plight of finding affordable housing in this city wasn’t bleak enough, there’s even more disheartening news: The Daily News reports that 58,832 people entered an affordable housing lottery to vie for the chance to rent one of just 105 below-market units in a forthcoming building at 1133 Manhattan Avenue in Greenpoint.
Bleak.
The winners have yet to be chosen, but the number of applications is the highest in the city this year. “That right there really underscores the urgency of the affordability problem in the city,” Jonathan Miller, CEO of appraisal firm Miller Samuel, told the News. “There’s such a disconnect with what’s available on the open market versus affordable.”
Projected to be finished by the end of 2014, the $67 million mixed-use complex will house 210 rentals, with half at below-market rate with income restrictions. Brownstoner says a single applicant making $18,618 could qualify for a studio, while at the other end of the spectrum, a family of four earning $146,825 could score a two-bedroom.
And while the average rental price in Greenpoint as of July for a one-bedroom is $2,680 a month, and a two-bedroom can top $3,067, the lottery victors (beating the system is basically a game at this point), will get a significant break: studios for $494 (wow!), one-bedrooms will range from $532 to $1,997, and two-bedrooms are running for $647 to $2,405. Plus, the building will boast luxe comforts: a media room, gym, roof terrace, lounge, and parking.
We all know renters in Greenpoint utter the words “priced out” as much as “Peter Pan doughnuts,” so it’s enlightening to see more affordable dwellings there, and de Blasio’s 10-year housing plan in action. But damn, because 105 affordable apartments is just not enough.
Follow Jessica Militare on Twitter at @ohheythisisjess
