What exactly is the 'AMI' that's used to determine affordable housing rents?

… probably read one key term over and over again area median income But what does that actually mean In short area median … AMI These programs try to balance creating affordable units without being so restrictive that we dont see any … units For example 60 percent of the incomerestricted apartments built under the citys 421a program between 2017 …

By Celia Young |October 22, 2024 - 9:30AM
Understanding ‘succession rights,’ a complex issue for rent-regulated tenants

… coveted of New York City apartments the rentregulated unit When they vacate the apartmentwhether they pass away move … or controlled apartment isnt straightforward Succession rightswhich dictate your ability to be named the new … tenant notified their landlord that they had moved out Tenants who failed to give their landlord a heads up could …

By Celia Young |January 9, 2024 - 11:00AM
What are land-lease buildings? Are they common in NYC?

… The vast majority of residential buildings in New York City own the land they sit on but a tiny percentage rent the land from …

By Evelyn Battaglia |December 4, 2023 - 12:30PM