QUESTION
What is the average benefit to a housing unit over the lifespan of a particular housing program?
1:23:15
·
89 sec
The deputy commissioner indicates uncertainty about having specific data on the average benefit per unit over the program's duration, but provides general cost approximations. Small buildings have an average cost of around $10,000 per unit, while larger buildings range from just over $1,000 to $10,000 per unit.
- The benefits are distributed over a period of time rather than provided upfront
- Past exemptions complicate calculating the total benefit amount
- The duration of rent regulation requirements matches the duration of the financial benefit, spanning 12-20 years
- Property size is a key factor influencing the average cost/benefit amount per unit
Pierina Ana Sanchez
1:23:15
To understand so we've been talking about the the size like, the the cost of the city, the annual cost of the city.
1:23:23
But in terms of the average benefit to a unit, do you have that like, over the the lifespan of of the program?
1:23:33
So, like, their duration in the program?
Kim Darga
1:23:35
That's actually an interesting question.
1:23:37
I'm not sure if I have exactly that data, we could think if we could get it to you.
1:23:41
But I do know, like, the general the cost of the system that we have approved has varies by size of the property.
1:23:55
So smaller buildings, for example, the average cost over the recent period has been about 10,000 a unit.
1:24:03
Whereas the larger buildings have been somewhere between just over a 1000 to 10000.
1:24:13
That's for the, like, work we're reimbursing for, so the benefit is stretched over a period of time.
1:24:19
And they also qualified for the exemption in the past, so that's where it gets complicated.
Pierina Ana Sanchez
1:24:23
Got it.
1:24:24
In the new program, is there a difference in the time frame of the benefit versus the timeframe for rent regulation?
Kim Darga
1:24:32
So the requirement for rent relation is for the duration of the benefit.
1:24:39
And that is between 12 20 years.
Pierina Ana Sanchez
1:24:42
Okay.
1:24:42
Got it.
1:24:43
Thank you.
