2020 ElectionsCD 9Election DistrictsHousing Affordability

Affordable Housing

We can dream and have goals, but it is impossible to think things into existence? No, dect action is required to be creative.

A leader needs parents and friends that believe in action. A leader needs to be interested in exploring new steps and strategies that will end inequality and injustice. That leader is Adem Bundedekko.  His challenge of Yvette Clarke is good for the Ninth Congressional District.

We need new leadership and if Adem fails, another will rise because we need leadership that works hard.

Action takes courage, ideas, funding and time. If you would like more of that in the Ninth Congressional District (Map). We are asking Adem and everyone who reads this to share your personal experience, ideas, and actions in response to the issues and responses on housing.

Report on Hot Buttons

The average cost of new housing construction in NY is about $360 per square foot.  Using this figure, the development cost for projects such as the Bedford Union Armory would be about $121M for 330 rental units (195 affordable) and 60 condominiums and around 340,000 square feet. Off-site and related investments are in the plan to produce 250 apartments for families earning less than $50K and include supportive housing services for formerly homeless households.

According to the Department of Housing and Urban Development, the median rent for a two-bedroom apartment is $1,638 in the New York metro area.  A two-bedroom apartment in Manhattan is $3,895, according to the January 2015 Citi habitat market report. Brooklyn and the other boroughs have medians between them.

Lots of New Construction

The average cost of new housing construction in NY is about $360 per square foot.  Using this figure, the development cost for projects such as the Bedford Union Armory would be about $121M for 330 rental units (195 affordable) and 60 condominiums and around 340,000 square feet. Off-site and related investments are in the plan to produce 250 apartments for families earning less than $50K and include supportive housing services for formerly homeless households.

Answer the questions below. 

We want your stories, your experience, facts or opinions on neighborhood priorities based on the following interpretation of Adem’s platform on affordable housing:

IssueKeeping Rent at 30% of your Households Income & the End Rent Burden 

Response: Increased rent and the loss of rent-stabilized apartments is stealing community savings. That is bad for families and devastating for local businesses.

  • Will you take action on Tenant Purchase Assistance Programs? In just five years a permanent low-equity ownership cooperative would be cheaper than five years of a U.S. Section 8 voucher. Read about this D.C.gov Program.
  • Will you support Nonprofit Community Organizations? Public cash and tax policies build affordability into new housing construction and preservation. The rules of mandatory inclusionary zoning are useful but unhelpful as a sole source of affordable shelter and community development.
  • Will a report on the Atlantic Yards be clear? It is in Community District 8, lottery eligible and in much of CD9.  The general facts of affordability are on HPD’s affordable housing page.  See and learn about Area Median Income (AMI) (HERE)

Insight regarding the future of affordability in CD9 comes from the call for transparency by the Mayor’s representative Jaime Stein to the Atlantic Yards Community Development Corporation AY-CDC.  This suggests knowing how many residents from Community District 8 and other lottery participants with incomes between 30K and 80 family of four will be difficult to determine.  A map exploring the main office locations of nonprofit community-based housing and community development corporations in Brooklyn is here.

Some More Numbers to Expose the Affordability Gap.

The AMI is 85,900 in 2017. The math rent for a two-bedroom apartment would be $1,166/mo. The rent in the AMI table are adjusted downward from $1,500 to the $1,166 above occurs though the assumption of an optimistic application process. Facts lead to transparency.

  • New housing is in construction throughout the Ninth how many units are AMI affordable?
  • Will you help identify and target foreign speculation? The federal disclosure of the identity and purpose of apartments held vacant to curb market-distorting speculation with spiraling costs.
 

Source: U.S. Census Bureau, American Community Survey 1-Year Estimates, Table B25070 (2005-2016); retrieved from American FactFinder. 

The map shows the percentage of renter households who spend 50% or more of their income on rent.  In the CD9 area, this represents 27% to 35% of households as Rent Burdened.  It is unaffordable over 30% of household income.