The reason for the drop is that buildings can exit the program. These days, only about 45,000 Mitchell-Lama apartments are left, two-thirds of which are co-ops. The last Mitchell-Lama was built decades ago. In exchange for keeping these places affordable, the builders get tax breaks and low-interest mortgages. Rents are tied to a tenant’s income, and co-op prices are set so that buyers pay an “equity value,” which they get back when they sell, meaning there’s no profit to be made. The housing is made up of income-restricted rentals and “limited equity” co-ops. That’s when the city cleared sites in formerly rundown parts of town, from Chelsea to the Upper East Side, and developers constructed about 105,000 apartments in 269 Mitchell-Lama buildings. Named after two politicians, New York State Senator MacNeil Mitchell and Assemblyman Alfred Lama, who sponsored the bill that created it, the program dates back to 1955.
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We spoke to Mitchell-Lama experts and residents for their best advice on how to get one. Apartments in the program tend to be well-kept and large, often with 24-hour security, community rooms, and parking spaces.ĭespite the wait lists, it’s still possible to snag one of these apartments. Constructed in the 1950s and 1960s, these buildings often have wait lists that stretch on for years, and it’s not hard to see why. Such apartments can become available through Mitchell-Lama, an affordable housing program that provides rentals and co-ops to middle-income New Yorkers. A one-bedroom in Chelsea for $85,000? In a neighborhood where similar co-ops routinely fetch ten times that amount, it seems like a real estate fantasy.
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