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September 24, 2007

The departing "middle-class" and AY affordable housing

Atlantic Yards Report

Norman Oder examines a new demographic report and compares it to the income bands of Bruce Ratner's Atlantic Yards housing program.

New York City Comptroller William Thompson on Sept. 12 issued a report on New York's 2005 outmigration patterns involving various income groups, and it was quickly used by columnist Errol Louis to argue for projects like Atlantic Yards that would include subsidized housing for the middle-class.

Not so fast. It turns out that moderate-income residents departing the city would not be helped much by Atlantic Yards, given that those in their (approximate) income bracket would be eligible for only 450 of the 2250 affordable units. In fact, when the affordable housing deal was first announced, 900 units were aimed at this demographic; developer Forest City Ratner instead shifted more of the affordable units to higher income brackets.

Thompson's press release, headlined THOMPSON: MODERATE-INCOME HOUSEHOLDS MOST LIKELY TO LEAVE NYC, made some somewhat subtle points: Moderate-income ($40,000 to $59,999 annual income) and higher-income households ($140,000 to $249,999 annual income) were most likely to leave the city, while middle-income ($60,000 to $139,999) and wealthy households ($250,000 and above) were least likely to leave.

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Posted by lumi at September 24, 2007 9:15 AM