Brooklyn Nets’ “affordable” apartments will cost up to $3500 a month

Those who recall the original Brooklyn Nets arena slogan of “Jobs, Housing, and Hoops!” may have been wondering when the “housing” part will enter the equation, what with development still halted on the modular housing tower whose builder quit saying it was financially unfeasible. Down the block from the arena, though, there’s another building going up, and New York City Mayor Bill de Blasio was excited to announce yesterday that it will be all affordable units:

“There are very few phrases I like better than 100% affordable housing, so this program is off to a good start.”

As Crain’s New York reports, though, “affordable” doesn’t actually mean so much affordable:

The 298 apartments at 535 Carlton will be available to tenants from five different income tiers: half for tenants who earn up to 165% of the area median income for a family of four, which is $83,900 a year; 15% for tenants earning up to 145% of the AMI; 5% for those earning up to 100%; 25% for those earning up to 60%; and 5% for those earning up to 40%. More than half the tenants in the new building will pay rent of about $3,500 a month for a two-bedroom apartment.

Yes, it’s still housing, and yes, there’s some benefit to getting more apartments of any kind in a borough that’s facing rising demand. (Though there’s also a growing amount of evidence that new upscale development tends to drive even more increased demand than it helps to quench.) But it still means that the overall project is getting something on the order of $2 billion in cash and land and tax breaks to build a private sports arena and an unknown number of apartments that will mostly be way more expensive than most locals can afford. But at least you can’t put a price on giving Brooklynites the chance to watch … er, professional basketball?

 


One comment on “Brooklyn Nets’ “affordable” apartments will cost up to $3500 a month

  1. “half for tenants who earn up to 165% of the area median income for a family of four, which is $83,900 a year”
    “More than half the tenants in the new building will pay rent of about $3,500 a month for a two-bedroom apartment.”

    3500 x 12 months = 42000, or about half of the 83,900 for a family of four. I definitely would not call that affordable.

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