Has Affordable Housing Become Not So Affordable?

It seems that finding an affordable Bronx NY apartment these days is only becoming harder and harder. Apartments meeting specific needs are hard to find or cost too much. In New York, many apartment hunters are finding that affordable housing is not so affordable anymore. A Bronx rental apartment with multiple bedrooms can cost on average around $1,600 if you are lucky to find one, but finding the apartment is the hard part.

Take, for example, the new Tahoe Development taking place in South Bronx. The company is moving forward with plans to create close to 50 market-rate condos in the area. Originally, the developer was planning to create 47 condos with the price tag for each ranging from $339,000 for one bedrooms to $599,000 for two bedrooms. Now, it seems that, on average, the condos will cost around $540,000, but pricing for each unit has yet to be finalized.

The plans had once included a rental building of 57 total apartments with 20% of the apartments being affordable as part of the Inclusionary Housing Program. However, the developer seems to have changed his mind, stating that it does not pay to create affordable housing anymore, even when including the mandatory inclusionary affordable housing.

New construction of apartments in the Bronx usually adhere to this program to be able to provide affordable housing for individuals who wish to pay a median price for apartment living. With this new project, it seems that affordable housing will not be considered, and individuals who might have had an opportunity to live in the new building will have to look elsewhere.

It will be interesting to see what the final outcome of this project will be. Perhaps the developer will decide to offer some affordable housing options, but it seems he is more concerned about meeting a certain price point instead.

 

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