Is New Yorks “Affordable Housing” Really Affordable?
While New York City’s Affordable Housing program, facilitated through a lottery system, has presented numerous opportunities for residents to access genuinely affordable housing, occasional listings appear that defy the very notion of affordability.
The South Bronx neighborhood of Port Morris, situated along the Harlem River Waterfront, has witnessed the construction of several luxury buildings that include a portion of units designated as “affordable.” However, these so-called affordable units often fall far from affordable, which, unfortunately, has become somewhat expected in an area at the epicenter of gentrification in The Bronx.
Take for example 1258 Shakespeare Avenue, nestled in the heart of Highbridge.
This listing has 19 supposedly “affordable” one-bedroom units on New York City’s Housing Connect platform. These listings boasted monthly rents of $3,126 for brand-new one-bedroom apartments, tailored for households earning 130% of the Area Median Income (AMI), a range spanning from $107,178 to $165,230 annually, contingent on household size.
However, this new development offers no amenities and commands a higher price than one-bedroom units at the ultra-luxurious Bankside in Port Morris. There, the highest rent for an “affordable” one-bedroom unit is listed at $3,075 per month, entitling residents to a wide array of on-site amenities, including in-unit washer and dryers, dishwashers, a gym, media room, party room, recreation room, business center, children’s playroom, outdoor terrace, rooftop terrace, and concierge services, to name just a few.
In stark contrast, 1258 Shakespeare Avenue provides air conditioning in each unit, with nothing else to justify the exorbitant monthly rent of $3,126 for a one-bedroom unit. This rental rate stands in stark contrast to the typical rent for similarly sized units, which averages around $1,230 per month, according to data from the Furman Center.
This isn’t an isolated case in Highbridge, as other listings on the Housing Connect portal present similarly questionable asking rents. For example, 92 West 169th Street, another newly constructed development just around the corner from 1258 Shakespeare Avenue, advertises two two-bedroom units with monthly rents of $3,773—considerably higher than the $3,400 monthly rate for a luxury two-bedroom unit at Bankside.
Highbridge ranks among the city’s most rent-burdened neighborhoods, with 36.3% of households allocating more than 30% of their income toward rent, coupled with a poverty rate of 28.3%. The persistence of subsidizing developers who market “affordable” units to those earning 130% of the AMI in areas in dire need of genuinely affordable housing is a practice that calls for reconsideration in New York City.
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