After an apartment building failed to sell its units at market rate, it was sold to a nonprofit that rents the units exclusively to housing voucher recipients.
A New York city luxury apartment building is now available to housing voucher recipients as a result of low demand for its units at market rate.
As Patrick Spauster explains in City Limits, “In 2024, the Jay Group listed one-bedroom apartments in the building for $2,500 to $3,000 a month, and as much as $4,000 for three-bedroom units. But after the developers realized their luxury building didn’t have the demand they expected, they sold it to a nonprofit.”
The project is part of a new program from the Department of Social Services (DSS) called Affordable Housing Services that underwrites affordable housing 100 percent dedicated to people coming out of the shelter system. “Over 60,000 households, comprising 136,000 people, are currently leased up with a CityFHEPS voucher; they typically pay a third of their income on rent, with the subsidy covering the rest. From July 2024 to June 2025, 37,500 New Yorkers entered the program, more than any year on record, according to DSS.”
City officials hope the program will make it easier for voucher recipients to find housing, which can take roughly 10 months on average, by setting aside units specifically for them. The program will acquire new buildings as well as restore distressed buildings. “It has yet to be used to finance construction itself—to build for the explicit purpose for housing voucher holders. But officials wouldn’t rule it out as they try to grow the program.”
FULL STORY: This Building Was Supposed to be Luxury Apartments. Now It Will House 183 Families From Homeless Shelters
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Federal cuts to voucher program put 9,000 New Yorkers at risk of homelessness
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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Airbnb launches $250 million 'last-dollar financing' housing accelerator, makes first investment in Austin
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