Multifamily Monday: 48,000 Applications for 98 Apartments
It's more likely Derek Jeter will win rookie of the year than it is for a New Yorker in need to get affordable housing. Capital One’s Laura Bailey tells us Broadway Housing Communities’ 124-unit development in Harlem's Sugar Hill drew 48,000 applications for the 98 affordable units.
On Thursday, Mayor de Blasio will announce his plan for 200,000 units of affordable housing in NYC. That follows Community Preservation Corp’s commitment this month of $200M for 3,500 affordable units statewide. And yet demand is rising. Another affordable project Laura is involved in drew over 40,000 apps recently. That has become typical, says Laura (above), adding that there always was a supply-demand imbalance, but NYC no longer is treading water.
NYU Furman Center's Moelis Institute for Affordable Housing Policy and Capital One have just completed a study on the affordable housing landscape, and institute director Max Weselcouch (above) tells us one million NYC households pay 30% of their income on rent and almost 600,000 pay more than half their income. Citywide, rents went up 11% from 2005 to 2012 while income went up 2%. That means middle-income folks are struggling, too.
But it’s not just a public policy game. De Blasio’s plan will include incentives, of course. Private investors can make an acceptable ROI, Max says. And then there are nonprofit developers, as well, like Broadway Housing Communities, whose Sugar Hill development at at St. Nicholas and 155th (above) will deliver soon and for which Capital One provided financing.
