In all the discussion about the subprime mortgages that triggered the nation's financial crisis, little has been said so far about on the root causes of this crisis. In Queens, as in many other cities, there is a shortage of affordable housing for the middle class.
Home ownership, even in the poorest neighborhoods, is barely affordable for families with incomes as high as $50,000 or $60,000. This in turn has created an enormous opportunity for predatory lenders who entice families into buying homes they simply cannot afford, leading in many cases to foreclosures.
Ironically, one ongoing effort to create affordable housing at Hunters Point South in Long Island City for middle-class families is being challenged by advocates who say the income limit is set too high. They would prefer that the housing be created for low-income families.
Anyone who thinks that a family making $60,000 is still middle class is living in the wrong century. While there is a great deal of public housing where low-income families can live for little or nothing, there are fewer opportunities for those making moderate salaries.
The Bloomberg administration wants 60 percent of the 5,000 units at Hunters Point South to be reserved for middle-income households.
There is a dizzying range of incomes and complicated formulas, but in general, that means a family of four making $55,000 to $158,000 a year would qualify for a three-bedroom apartment. There are lower thresholds for smaller units. It appears that there are some community activists who think people making $60,000 don't need the city's help.
Are they kidding? A family of four making $60,000 is going to struggle to make ends meet. Those who were lucky enough to inherit a rent-stabilized apartment may manage to get by, but a family paying rent for a three-bedroom apartment will most likely be struggling to keep their heads above water.
The city has worked long and hard to make certain that the needs of its poorest our met and it was right to do so. But now the city must make certain that there are opportunities for the many middle-class families. This group has been largely forgotten.
