From Downtown Express:
A group of Lower Manhattan residents recently set out to determine how much affordable housing their neighborhood has.
The answer? Not much.
Rent-regulated does not necessarily mean affordable. The community board’s list includes many units that are considered regulated because the yearly rent increases are capped, but the units start out at market rate.
“It was not as many buildings or units as I had hoped,” said Michael Levine, director of land use and planning for C.B. 1. “We’ve lost a lot.”
The big picture...is not bright. The neighborhood is losing affordable units faster than they could ever be built, and despite the current softening of the market, many housing advocates say that prices Downtown are still much higher than the middle class can afford.