Affordable housing can be bought or sold in New York City, but opportunities are limited and heavily regulated. The city offers programs to preserve and create affordable units, primarily through rental subsidies, rent control, and homeownership initiatives. However, high demand, rising costs, and strict eligibility criteria restrict access.

New York City has implemented multiple strategies to ensure affordable housing availability. The New York City Department of Housing Preservation and Development (HPD) reports that over 10,000 affordable units were preserved or created in 2023 alone through partnerships with developers and nonprofits. The city’s inclusionary housing program mandates that 20% of new developments include affordable units, targeting households earning below 110% of the area median income (AMI). For example, in 2022, 1,200 affordable units were added in Manhattan, where the AMI for a household of four was $185,000.

Homeownership options are more constrained. Programs like HPD’s HomeFirst Homeownership Assistance Program provide down payment assistance for first-time buyers purchasing a home in a designated affordable area. In 2023, 1,500 families used this program, with a median household income of $65,000. However, the median price of a single-family home in NYC was $1.5 million in 2023, far exceeding most buyers’ budgets. Rent-controlled apartments, which account for 1.2 million units, offer stability but cannot be sold without losing protections. The New York City Housing Authority (NYCHA) manages 178,000 public housing units, but these are rental-only and face chronic underfunding.

Challenges include rising gentrification and displacement. A 2023 study by the Urban Institute found that 40% of NYC residents spent over 50% of their income on housing, forcing many into homelessness. Despite initiatives, only 12% of NYC households qualify for affordable homeownership programs, reflecting systemic barriers. In summary, while affordable housing exists, structural inequities and limited supply hinder broad access.