How Your Tax Dollars Are Wasted To Build Luxury Apartments

[JimDandy]

2. What a horrible hoax

perpetrated on the US taxpayers.

I say US and not just NY, because according to gothamist, some of these luxury apartment buildings double and triple dip by also simultaneously getting federal subsidies (two or three subsidies in total) for the same building, without having to set aside twice or three times the number of affordable units. This happens because the building developers/owners are allowed to count and credit the same apartment multiple times as an "affordable" unit under each subsidy!

And it gets worse:

"In fact, developers getting subsidies from another program besides 421-a can double the maximum income level for the below-market apartments, so a $2,500 apartment can still qualify as 'affordable'. (Mayor de Blasio's affordable-housing program plan, announced last year, would require about one third of publicly aided apartments to be below market rate, but most would be designated for families making about $60,000-$130,000.)"