New York’s Affordable Housing Program has a flawed model
“Rental developers say just one of the Affordable New York Housing Program’s several development plans makes sense — and then only in certain neighborhoods, likely in Queens and Brooklyn, where land prices are still low. During a panel discussion on Thursday at the 101 Club, developer Matthew Baron, president of Simon Baron Development, said the ANY plans only work for the 70/30 program and only in areas where the low-income apartments are geared to those making 130 percent of the area median income — and those rents are already the local market prices.”