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Reader comment on:
Manhattan Housing Cycle Turns Toward Rentals
in response to reader comment: Just another reason rents are high

Submitted by Jabari Henderson-Brown, Dec 4, 2006 12:13

The government does not always require that 20% of new rental units are controlled. However, if a developer wants zoning changes, he has to go through the community board, which often requires some form of affordable housing. You also forget taht developers get subsidies for affordable housing. That HFA financing is at a very low interest rate, which at least partially offsets the difference in rental rates. If no developer were to build affordable housing, where do you think people who make $40K a year should live? Do you think that only a handful of people in the city make under 50% of AMI?

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Other reader comments on this article

Comment	By	Date
It's sad that the government requires that 20% of new rental units are at controlled-rents. This means that the developer... [MORE]	Jason Pappas	Dec 1, 2006 08:03
The government does not always require that 20% of new rental units are controlled. However, if a developer wants zoning...	Jabari Henderson-Brown	Dec 4, 2006 12:13
I'm aware that the means of saddling developers with "below market rent apartments" takes the form of a zoning restriction... [MORE]	Jason Pappas	Dec 4, 2006 13:32
There is certainly a problem with the housing supply, but there is also increasing demand. People are coming to NYC... [MORE]	Jabari Henderson-Brown	Dec 4, 2006 15:38
The high price isn't labor, land, or demand; it's regulation. If the height of buildings is restricted, as you believe... [MORE]	Jason Pappas	Dec 4, 2006 16:47
Actually, a number of third world cities have very little in the way of regulation of housing stock. They also... [MORE]	Justin	Feb 2, 2007 16:14