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Vacancy Rate
- Rents below $1,000 a month had a .39% vacancy rate
- Rents between $1,100 to $1,649 had a 0.91% vacancy rate
- Rents of $2,400 or more had a 3.39% vacancy rate
- Only 6% of the Renters that earn less than $25,000 have apartments that are available to them.
- Apartments that are $1,500 or less monthly are within reach of the middle-income household. (pg. 25)
Summary
These findings show the need to create housing for people who make less than $25,000 a year, and apartments that go for less than $1,500 a month.
*New York City Housing Preservation Department
Vacant Apartments
Almost 200,000 apartments are vacant in NYC.
70,000 vacant apartments available for rent.
123,000 vacant but not available, (breakdown below):
52,000 vacant but no available due to construction…..
Waiting for Refrigerator 22%,
Waiting for New Stove 26%,
Waiting for new Countertops, 21%, and
Waiting for New Kitchen 22%
60,000 used for occasional use.
Summary
Almost 200,000 apartments vacant, with over 52,000 waiting for some minor equipment. Are stoves and refrigerators scarce in NYC or is this just warehousing, to create a crisis?
Why would a property owner let over 70,000 units sit vacant, when it is clear that this is a landlords’ market?
Could this be a planned strategy on the part of the real estate industry in our city, especially in light of the fact that the that a large amount of apartments that are non-rent burden are “rent stabilized”, with 90% of them being owned by big Corporations.
There is a need for legislation that would force landlords to rent those apartments instead of letting them just sit vacant.
Housing Turnover Rate Graph
| Obtained from HPD’s Vacancy Survey |
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Housing Turnover Rates
Brooklyn and Manhattan Turnover Rates “TR” are the highest in NYC at 32/33%.
Staten Island’s TR is the lowest at 3%.
Rents that are less than $1,100 have the lowest TR at 11%.
Rents that are $2,400 have the highest TR at 42%
Summary
It is a known fact that communities of color that have been gentrified have seen the highest TR with new people coming and going. Each time a tenant leaves the landlord gets a chance to increase the rents, thus incentivizing landlords to choose tenants that are more transient.
Stability of residents means a lot to a community; creating social relationships, empowering residents to work for a better community, gaining more political power, ensuring services are maintained etc…
Thus, the target population of housing should go to renters paying less than $1,100 for an apartment.
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Rent Burden
Renters who earn less than $70,000 pay over 50% of their income to rent and are considered severe rent burden.
Renters who earn less than $25,000 (85% were severe rent burden).
Renters between $50,000 up to $99,999 (10% were rent burden)
Renters above $100,000 (8% rent burden) ( pg. 58-61)
Summary
There is a need to create housing for people who make less than $70,000 a year, with a special emphasis on households that make less than $25,000 a year.
Point of Information:
Rent Burden is defined as paying more than 30% but less than 50% of the monthly income.
Severe Rent Burden is defined as paying more than 50% of the monthly income. (The most at risk for homelessness)
City of Yes Will Not Cure Our Housing Crisis!
COY Affordable Targets
Now that we have the statistical data given by the City, let’s look at COY’s current proposed target population to justify the increase in heights in every neighborhood.
Currently, with nothing in writing, the Department of City Planning “DCP” has been speaking about the “possibility” of 80% of AMI or less as the target for “affordable” housing.
They keep saying or less, but don’t be fooled by that comment because developers never choose the “or less”, unless they are forced into it via a community benefits agreement (which are not enforceable and mostly ignored) or some special program that demands it. In some other cases the “or less” produces so few apartments that property owners leave them empty due to the lack of occupancy enforcement.
What is the Federal 80% AMI
The AMI is the Average Median Income of a particular geographical area, which increases every year. The geographical area (chosen by the Federal government), for NYC is all of the five boroughs along with Long Island and Upper Westchester. The inclusion of Long Island and Westchester has increased the AMI substantially.
(Click the above title to access the full AMI chart)
80% of AMI for Each Housing Type
- 1 person $79,120 rent: $2,537
- 2 people $90,000 rent: $3,000
- 3 people $101,680 rent: $3,390
- 4 people $112,960 rent: $3,766
- 5 people $122,000 rent: $4,066
- 6 people $131,040 rent: $4,368
- 7 people $140,080 rent: $4,670
The rental amount is determined by 30% of the income, which would be a non-rent burden figure.
The City Agrees: COY Will Not Help With Housing Crisis!
According to the AMI chart and HPD’s Survey Data, not one apartment being planned under the “affordable” category of the COY Housing Text Amendments, would target housing development that would actually help to diminish the housing crisis that we are in or increase the vacancy rate.
Instead the “Affordable” category would target the least burden, the most transient, whose target apartments are close to 4% vacancy rate and not below 1% and who have access to most of the current available apartments on the market!
This explains why there are countless “affordable” units being created by rezonings (increase in building heights) but not a dent has been made in solving our housing crisis. (When the Mandatory Inclusionary Housing proposal was created in 2017, low income rental apartments were above 1%, now it is at .39%)
The “Affordable” apartments do not target the average New Yorker and definitely didn’t and still does not provide for the most severe rent burden population that is one step away from being homeless.
The City Agrees With Us!
“We recognize that 80 percent AMI doesn’t meet the needs of New Yorkers who need affordable housing, especially as AMIs have risen dramatically in recent years,” Winnie Shen, a housing planner with DCP, said at the session.”
https://citylimits.org/2024/02/02/mayors-proposed-affordable…
The only thing the “affordable” categories would do is give political cover for Mayor Eric Adams and other politicians, to push for a massive upzoning, (increase in heights all over NYC) for the real estate industry. |
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