Affordable housing complex gives New Yorkers chance to live at Hudson Yards - but how affordable is affordable housing?
With apartments starting at $1,655 per month and ranging upward of $3,000 a month, News 12 is told that households earning between 70 and 125% of the area median income would find it affordable. But some might call rent rates at 550 10th Ave. not really affordable at all.
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At a time when rents are soaring across New York City, a new affordable housing complex is giving any New Yorker the chance to live at Hudson Yards - a neighborhood many call the priciest in all of the city. So, how affordable is affordable, really?
With apartments starting at $1,655 per month and ranging upward of $3,000 a month, News 12 is told that households earning between 70 and 125% of the area median income would find it affordable. But some might call rent rates at 550 10th Ave. not really affordable at all.
According to a recent report published by Street Easy, median rents for an apartment across the five boroughs came in at just under $4,000 monthly - that is in apartment buildings not classified as 'affordable.'
Representatives at the New York City Housing Preservation and Development say, "Some apartments are set at 70% of the area median income (ami), a threshold considered low-income according to federal guidelines. This ensures that the units remain accessible to those who need affordable housing the most, providing relief in a high-demand area."
The priciest affordable apartment in the 114 unit building costs $3,861 a month. If you are interested, the lottery is set to end on Oct. 9.
