![]() Perhaps projects with fewer applications filled up faster, or buildings with smaller management companies had a harder time quickly renting out the units. The council’s researchers heard a lot of different theories from renters and developers about the delay. That means new affordable apartments are left sitting empty for more than a year. A new report by the nonprofit Citizens Housing and Planning Council shows just how long this all really takes: An average of 371 days pass before all lottery units in a new development are rented out. You just have to submit a dozen documents including W-2s, proof of rent payments, pay stubs, bank statements, and so on. Still, millions of people apply every year even though the process is about as complicated as buying a house. Just one out of every 593 applications is approved. New York City’s housing lottery is not unlike the actual lottery: The payoff is potentially life-changing, but your odds of winning are slim to none.
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