Results tagged “mitchelllama”

School teacher and aspiring novelist Matthew Thomas won the jackpot in the New York apartment lottery when he scored his Upper East Side studio apartment, around the corner from Elaine’s, for just $14,000. Literally; the man won the right to buy the apartment in a lottery that makes available a minuscule number of apartments to people with incomes under $49,625. The units are part of 24 Mitchell-Lama co-op buildings in Manhattan and most applicants wait a decade for a shot at one.

The Trinity School, a private school on the Upper West Side that charges annual tuition of $30,000 a year, is prepared to cash in on the rise in property values by opting out of the Mitchell-Lama housing program. That program was designed to reserve housing for middle-class tenants in New York through government subsidized loans and tax breaks. The disparity in below-market rents required by Mitchell-Lama and the value of the building that houses the...

The NY State Division of Housing and Community Renewal finally closed a loophole in rent regulations that would have allowed owners and landlords leaving government-subsidized housing programs to increase rents to market rates by citing "unique and peculiar" circumstances. According to the NY Times, some tenants' rents would have skyrocketed from $981/month to $4,500/month for a two-bedroom on the Upper West Side and from $1,000/month to $5,275/month for a three-bedroom, also on the Upper West...