Housing Lotteries?

[Stern]

Has anyone ever tried one? I don't gamble but the idea of getting a rent-controlled apt. in a prime area is very tempting. Even if I would have to wait 10 years to get one...

[voodoochild]

My brother-in-law put his name in one (Michelama is the program) anyway it has been almost 8 years and he has 3 people left to kick the bucket until he gets in to an apartment. It's on Central Park West and 94th st..2 bedroom, I think it's like $800...CRAZY!!!! Do it..I think it's like $200.00 to put your name down.

[Front_Porch]

Why not apply? I have a friend who got into 1400 Fifth. That's a sales building but the apartments were sold for something like $400,000 under market.

ali r.
[downtown broker]

[IhaveNoName]

Rent-controlled apartments have income limits, no?

[Front_Porch]

There are often income limits tied to various properties, but they can vary.

Again, I'm thinking of purchase and not rental here (sorry to be irrelevant, Stern) but you can get into some city-subsidized condo with a low six-figure family income.

ali r.
{downtown broker}