High Rent and Low Pay

The following letter about Barbara Bowen’s scandalous “affordable housing” e-mail was sent to the Clarion by our good friend Sam Stein. It echoes sentiments we expressed at the time, and which we reiterated in our recent debate with the New Caucus

On February 21 and 22, I received emails from our union president, Barbara Bowen, informing me of a contractual opportunity to “participate in a lottery for a small number of below-market rental apartments in Manhattan.” The units are part of Peter Cooper Village, which was recently purchased by the world’s biggest landlord, private equity firm Blackstone. The city gave Blackstone $221 million in tax breaks, loans and more; and in exchange, the owner agreed to keep a small number of apartments stabilized at alarmingly high rents. Apparently, a few of those apartments were set aside for public-sector union members.

A two-bedroom “affordable” apartment for PSC members rents for $3,400 per month. According to the Furman Center’s most recent “State of New York City Housing and Neighborhoods” report, that’s actually higher than the median asking rent in neighborhood. For this two-bedroom apartment to be considered affordable, a PSC member would have to make $136,000 per year. As a graduate student and teacher with one of CUNY’s best funding packages, I make just $25,000. A vanishingly small number of highly paid professors could actually afford this housing, while the vast majority of PSC members struggle to find affordable homes and shelter.

Remind me again why we rushed to endorse Mayor Bill de Blasio?

deblasiopizza

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