Probably not. At least not according to the large infographic put together by the team at Open City, which took a look at exactly how much the hotly-debated SPURA affordable housing will cost and what that means for the neighborhood. The newly-approved redevelopment guidelines for the Seward Park Urban Renewal Area call for about 1,000 new rental apartments, 50 percent offered at low- and middle-income prices and the remaining 50 percent at market rate. According to Open City, that market rate shakes out to about $6,000/month for a family of four occupying a 2BR?quite a markup for a bunch of a long-fallow parking lots! And a price that less than 1 percent of current Chinatown and Lower East Side residents could afford. (The middle income rent would be about $3,000/month and the low income rate around $1,000/month.) But let's please not all panic at once. Knowing SPURA, nobody's rushing into building anything.
· Public Notice 1: SPURA [Open City]
· SPURA coverage [Curbed]