'Affordable' housing is generally defined by the Department of Housing Preservation and Development (HPD ), as housing costs that are no greater than 30 percent of a person' s/family's income. hash-mark What Is Affordable Housing in NYC? In some instances, an individual or family can earn up to six-figures and still qualify for a rent-stabilized apartment. New York City offers various housing programs, which are intended to assist lower-class and middle-class residents and families with finding affordable housing. This is mainly because most people have the misconception that affordable housing is only for low-income individuals, which is false. However, most people never explore affordable housing options. Your chances of snagging a below-market-rate apartment are much better вЂ“ not great, mind you вЂ“ but at about 600 to 1, at least in the realm of possibility.Д®veryone knows that New York City is one of the most expensive places to live and that both the rent and home values are both too high! With such a large number of renters and highly competitive market, most NYC residents will do anything for an affordable apartment, including but limited to getting roommates and living in a less desirable area. The odds arenвЂ™t quite as bad with the NYC Housing Lottery, however. What this tagline doesnвЂ™t mention, of course, is youвЂ™ve got about a one in a zillion to one shot of winning.

вЂњYouвЂ™ve got to be in it to win itвЂќ is one of the New York State lotteryвЂ™s more memorable advertising slogans.

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