Housing lotteries frustrate landlords, tenants. Here’s how to fix them
A curious fact about New York City housing: Despite tremendous demand for below-market units, market-rate apartments can be filled a lot faster. Underpriced rentals typically sit vacant for four or five months. In a housing crisis, that is ridiculous. The reasons are what you’d expect. Various efforts to make the awarding of below-market units fair and equitable have cluttered the system with bureaucracy and process. The city uses NYC Housing Connect, a lottery system, to fill income-restricted apartments in for-profit and nonprofit developments. In 2024, the lottery was used to place tenants in about 10,000 units across 300 buildings. Some […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Summit clears violations, but City Hall’s enforcement
playbook is the real story
Kneejerk opponents wonder why they don’t get early
notice
How New York’s proposed ban stacks up in states’ fight over
private listings
NYC’s top deals: CSC Real Estate buys Yorkville office for
$64M
Billionaire Kwek Leng Beng’s CDL Outbids Rivals With $422
Million Offer For Prime Singapore Site
Technology Helping Address Construction Labor
Shortage
Pocket listings face another setback as New York advances
crackdown
Brandon Miller’s East Village project lands first office
tenants
Your Pool Is an Asset—It’s Also a Lawsuit Waiting to
Happen
Inside the Search: The Pipes Burst During the Final
Walkthrough. He Bought the House Anyway.
