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
What to Know Before Buying an Investment Property: Lessons
From Real Estate Investors
Dallas Moving Trends: Why Many Residents Are Staying Local
in 2026
What Happens to Your Mortgage When You Sell Your
House?
What Happens If You Get Pre-Approved for More Than You Can
Afford?
Post-Closing Home Maintenance Roadmap: What to Tackle and
When
9 Simple Steps to Make Your New Apartment Feel Like
Home
Rental-Friendly Upgrades: What to Know About Your Lease
Before Making Changes
How Much House Can I Afford With an FHA Loan?
FIFA inked $4M deal for Trump Tower space with no intention
of launching office
“You just walked into hell”: Jona Rechnitz hits back in
Black Spruce lawsuits
