(Google Maps)
An “affordable housing lottery” is open at The Lyric, a luxury rental building located at 255 West 94th Street (with an entrance between Broadway and West End Avenue). But the numbers you’ll see – both the rents and the income restrictions – may come as a surprise.
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Eligible applicants (which consist of households with between 1 and 5 occupants) must have an income (or combined income) of between $101,486 and $187,330 (depending on the number of occupants and the size of the apartment).
The 20-story building – which houses 285 apartments and features amenities including a roof deck, gym, doorman, business center, playroom and more – is currently offering the following discounted rates to select qualified applicants:
Five studios for $2,960. The income requirements state that a single applicant should earn between $101,486 – $121,420 and a two-person household should have combined earnings between $101,486 – $138,840.
Currently, (non-“affordable”) studios at The Lyric range from $3,995 – $4,360. As a rule of thumb, those applying for free market rentals are expected to earn about 40 times the monthly rent, which in this case would fall between $159,800 – $174,400.
Nine one-bedroom units priced at $3,168 a piece. There can be up to three occupants for each of these apartments, and the income range (depending on household size) is from $108,618 – $156,130.
The building’s market rate one-beds are currently going for $4,995, so based on the 40x rule, those applying should be making $199,800.
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A single two-bedroom unit available for $$3,793. This apartment can accommodate between two and five occupants, and the income range is $130,046 – $187,330.
Other two-beds at The Lyric are currently starting at $7,250; whoever’s applying should be earning about $290,000.
According to NYC Housing Connect, the building is “anticipated to receive a tax exemption through the 421a(17) tax incentive program of the New York City Department of Housing Preservations and Development.”
The lottery is open until April 13. Learn more and apply here.
Affordable?
The same income for a single occupant is also the starting point for multiple occupants. In what world does that make sense?
100K per year is approximately 50 per hour without OT, so not realistically affordable for many full time workers, eg subway train drivers.
Agree with the other commentators. This is not affordable housing. My beau and I rented a one bedroom one bath (1,000 sq ft) for $2,500 last year. And his income as a professional in the finance industry is $140k, not the 199k this lottery place requires. Makes no sense that “affordable” housing is outrageously higher than regular housing on the market place in some parts of NYC. The Lyric is unreachable even for white collar workers.
An absolute joke.
I’m currently living in central Tokyo and renting a spacious 2 bedroom apt with a large southern balcony for approx. $1700 USD.
NYC is insane.
Every single thing about this is ridiculous. From the income it requires. To the proportion of rent to income someone would have to pay. To the fact that they can require such high salaries and call it “affordable” and lastly the fact that they’ll get a tax exemption for this (so we’ll all be paying for this).
“Affordable” to whom? People earning six figures and more? And here I thought “affordable” housing was supposed to be for those at the LOWER end of the income spectrum, so they could actually “afford” to live somewhere. Silly me.
This absurdist re-defining of “affordable” would be funny if it were not so tragic.
Some buildings with tax subsidized apartments for incomes nearing $300,000. It’s insane.Where do the middle & working classes go and where can seniors survive. The elitistswant us to die off eating insects.