The New York Daily News discovered that a steadily rising
subsidy formula for low-income tenants targeted by HUD's Section 8
housing program had caused rents in some of New York City's poorest
neighborhoods to skyrocket. A four-bedroom apartment in one Harlem
building cost $2,210 a month compared with a fair-market rate of
$1,174. Three-bedroom apartments in at least three Manhattan and Bronx
buildings topped $2,000. In 185 HUD-subsidized New York City apartment
buildings, rents were at least 140% above average fair-market citywide
rates and 25 buildings were more than 180% above market. Under the
Section 8 program, tenants pay no more than 30 percent of income for
rent, with the remainder picked up by taxpayers.
4/29/97
The New York Daily News discovered that a steadily rising
subsidy formula for low-income tenants targeted by HUD's Section 8
housing program had caused rents in some of New York City's poorest
neighborhoods to skyrocket. A four-bedroom apartment in one Harlem
building cost $2,210 a month compared with a fair-market rate of
$1,174. Three-bedroom apartments in at least three Manhattan and Bronx
buildings topped $2,000. In 185 HUD-subsidized New York City apartment
buildings, rents were at least 140% above average fair-market citywide
rates and 25 buildings were more than 180% above market. Under the
Section 8 program, tenants pay no more than 30 percent of income for
rent, with the remainder picked up by taxpayers.
