“How many times can we talk about NYC rent?” Well, with it being 164% above the average American rent and it raising 7x faster than wages, I think we can complain about it as long as we keep paying for our shoeboxes, dammit!
However, NYC does offer a select amount of affordable housing opportunities thanks to the New York City Department of Housing Preservation and Development (HPD) and Housing Development Corporation (HDC). Various housing lotteries provide residents with the chance to live in beautiful and spacious apartments for a fraction of what they normally would cost—and the deadline to apply for one in Hudson Yards is looming!
To be considered “affordable,” the cost of housing must technically be a third or below a resident’s income. And even for New Yorkers making the city’s average salary, less than 5% of NYC rents are affordable.
The Hudson Yards lottery is eligible for New Yorkers with an income between $59,280 – $209,625. The tower tops 46 stories high at 550 10th Avenue. Complete with a rooftop sky lounge, resident fitness club and co-working spaces, let’s just say winners we’ll be more than pleased with the amenities. Not to mention, the building is pet-friendly! We’ve even asked the NYC Housing Protection and Development (HPD) to share some secret tips to improve your chances.
In total, there are 114 available units in the lottery. 15 of those are studios starting at $1,655. According to NYC HPD, the average studio in Hudson Yards comes out to be more than a whopping $3,800 per month.
Twenty percent of the building’s units are preferred to go to Manhattan Community Board 4 residents. Moreover, 5% of the units are preferred for New York employees, while 2% is for vision/hearing and 5% for mobility.
We’ll be getting an inside look at the Hudson Yards lottery units in the coming days, so stay tuned for exclusive content.
Interested residents have until October 9, 2024 to apply.