Affordability In Chinatown

While older immigrants are being forced out of their rent stabilized apartments, the younger generation of immigrants are noticing a lack of places to rent due to the increase of condominiums and skewed affordable housing prices. For newer immigrants, it is harder to obtain a rent stabilized building like older immigrants have obtained because the city and landlords have decreased the amount offered. By not living in a rent stabilized building, rent will inevitably increase dramatically for tenants. Thus, they are left to choose from luxury buildings and “supposed” affordable housing units. Unfortunately, both options are unaffordable. The median family income of Chinatown is around $40,000 while luxury buildings are being sold for over $1 million (Ngu). The price of these buildings over the past couple of years are only increasing, signifying that the housing market in Chinatown is only getting stronger. Consequently, this means there is less space for lower income individuals to live in. However, many would argue that there are designated affordable housing units for those who can not afford luxury building. Affordable housing takes into account New York City’s Area Median Income (AMI) which includes wealthy suburbs into the mix of small local communities. Therefore, as the CAAAV states, “The current AMI for a family of four in New York is $78,300.32 … This skewed median income is then used to determine the income limits for families qualifying for “affordable housing”. Thus, when keeping in mind of the median income of a family of four in Chinatown, these housing units are far from affordable. Instead, outside middle and high income residents come and occupy these housing instead. For immigrants that were unable to get rent stabilized apartments, the increasing property value of the neighborhood is pushing out residents that were once able to afford the neighborhood. Hence, the current zoning plan offers no affordable housing to the lower income individuals of Chinatown, which mostly targets younger immigrants.