Affordable Housing in New York City Sparks Debate

Most New Yorkers would look upon the good fortune of the residents of Southbridge Towers with envy. They paid, on average, $17,500 for their Lower Manhattan apartments, many with stunning East River views. The average maintenance fee in the middle-income development in the financial district near South Street Seaport is $620 a month. And soon, their fortunes could soar even higher.


In late September, after a contentious eight-year debate, shareholders voted to leave Mitchell-Lama, the affordable housing program that has provided them with decades of low-cost housing. The decision paves the way for residents to sell their apartments at market rate and reap profits in the high six figures.

How can we help you?

Complete this quick form and we will have an associate reach out to you immediately.