Astoria, Real Estate
Oct 07, 2014

Astoria Cove, the City Council, and Potentially Controversial Rents

Astoria Cove, as you know, it the center of an affordable housing controversy. Still, it’s passed the various hurdles and is now in the hands of the City Council. According (…)

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A rendering of Astoria Cove by Studio V.

Astoria Cove, as you know, it the center of an affordable housing controversy. Still, it’s passed the various hurdles and is now in the hands of the City Council. According to the Daily News, affordable housing advocates are urging the Council to reject the current plan as it stands, which offers only 20% of the units as “affordable.” Advocates want 50% of the units as affordable.

The NY Post says that of the 345 “discounted” units out of 1,700, only half will be guaranteed for low-income residents. The other half could be marketed to more middle-income tenants. More on the pricing:

[City officials] said the developer has the option of making the entire 20 percent block of affordable units priced for “low income” families of four that earn less than $67,000 annually. A one-bedroom under that option would cost about $1,250 per month.

It’s only if the developer agrees to add more affordable units that some of the rents would be hiked to $2,000 for moderate-income households, and $2,700 for middle-income residents.

A one-bedroom apartment really isn’t enough space for a family of four, so I’m not sure why the developers think this is acceptable. Regarding the rents, our city councilman, Costa Constantinides, says, “It’s something that’s deeply concerning to me. It’s out of reach for a large part of my constituency when we have a median income of $56,000. We’re going to make sure that when they’re building affordable, they’re actually affordable to residents of our community.”

As a reminder, CB1 and Borough President Melinda Katz did not approve this 20% affordable units plan for Astoria Cove. The City Council will make a decision regarding Astoria Cove on October 20.

Council members urged to scrutinize Astoria Cove deal [NYDN]
Queens councilman smashes “affordable” $2,700 rent [NY Post]

About Meg Cotner

Meg Cotner was trained as a harpsichordist and now works as a freelance writer and editor. She is the author of "Food Lovers' Guide to Queens," and is a skilled and avid home cook, baker, and preserver.

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