Read this headline. Think about what it’s saying. It puts the words “affordable” (i.e., inexpensive and plentiful) in the same sentence with “lottery” (i.e., scarce).
Remember when 72-inch flat-screen TVs were a $10,000 luxury? Now we can select from scores of competing brands for a small fraction of that cost.
How did this happen? Was it the result of a lottery? Government regulation? Limits on new flat-screen TV production and ownership?
No. It was the result of competition.
Let the marketplace work. Deregulate the production of housing and let developers like me reach renters and buyers previously unreached.
From the piece:
“The affordable housing lottery has launched for 200 Montague Street, a 20-story residential building in Brooklyn Heights, Brooklyn. Designed by Beyer Blinder Belle and developed by Aurora Capital Partners, the structure yields 121 residences. Available on NYC Housing Connect are 38 units for residents at 80 to 130 percent of the area median income (AMI), ranging in eligible income from $54,960 to $215,1500.”