Gee, NYC must be rolling in dough to be able to afford this. Will the public housing residents pay rent, are they really people in need like disabled Vets, or just more folks grabbing a rent free apartment?
‘Nicer’ part of town-more expensive. Near midtown, Greenwich Village. If the ‘shell’ of the buildings were in good shape they should have a lottery for the units. $100k to enter. The $100k goes to gutting the buildings. Then the new owners invest in their own remodel. After 10 years they can sell. The old tenants move to Harlem-it’s becoming gentrified.
Below-market. 30% of ones income. That means everyone else has to pay the rest. Fair?
I like the caveat, “will be capped at 30% of their income.”
They have no income.