New York City has settled a legal dispute over its long-standing practice of setting aside 50% of the affordable apartments offered in city-run housing lotteries for neighborhood residents.
In a settlement ending a lawsuit that was filed in 2015, NYC has agreed to lower the 50% threshold for reserved affordable units to 20% until May 1, 2029, when the threshold will drop to 15%.
Any housing project that goes to market within the next three months will be grandfathered in under the old standard.
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