‘Affordable’ apartments aren’t always affordable under state’s 421a program
In October 2017, Mayor Bill de Blasio announced his goal to create or preserve 300,000 units of affordable housing by 2026. At this point, the city is ostensibly well on the way to achieving its goal, but the numbers are not always what they seem.
At the root of the problem, according to Brownstoner, is the definition of affordable housing. In some developments created by city agencies and nonprofits, the number of affordable apartments is often 100 percent and aimed at low-income families.
The same is true with affordable housing built under the Extremely Low and Low-Income Affordability program, which requires that 10 percent of the units in a project are reserved for the formerly homeless and an additional 30 percent are aimed at what the city defines as households with extremely low and very low incomes.