Question about 80/20 program?

My wife's former dance teacher lived in a 20% unit at the Victory that was on a high floor.

Yikes! That does annoy me, knowing that I'm paying a buckload to live in a high floor while my neighbors are paying almost next to nothing, at taxpayers' expense.

My understanding is that the subsidized units, at least at one time historically, could not be all relegated to lower floors. The idea was that they would be distributed throughout the building. Many of these buildings are 10 or 20 years old, and I don't think there is any agency that insures that the lower rent units are maintained or doled out by lottery as mandated. Once the financing of the building matures, the building is generally 100% free market. I don't think you should concern yourself with a small fraction of neighbors that might be teachers or work in the arts or have other lower paying jobs.

The 80/20 buildings I'm looking at are all fairly new, definitely less than 10 years old. I know this sounds elitist, but the notion of someone making only $30K/year living in the same floor as me, does bother me.

I think I might need to look at condo rentals instead, to avoid this problem.

Metalhead, "elitist" is not the first word that came to my head when I read your comment.

Elitist? Pshaw. Trust me, you do NOT want to be living next door to the crazy cat lady who rescues stray pigeons and accosts everyone in the elevator to show off her latest rash. And yet in 80/20 buildings that is exactly what you get. If you're lucky, she won't live on your floor. But you may not be so lucky.

There are plenty of rental buildings that aren't 80/20--just ask if that's your preference.

Virtually all the new luxury rental buildings are 80/20. Do you know of any that are not?

777 Sixth Avenue www.777sixth.com was built within the last 10 years as fully market rate luxury rental in central chelsea. I don't know many new rentals, as I haven't lived in a rental in 20 years.