The odds of winning the New York Lotto jackpot are, of course, worse (one in 22 million on a $1 play), but the housing lotteries have daunting odds of their own.
Last year, a new building in Greenpoint, Brooklyn drew 58,832 lottery applications for 105 affordable units. Not far behind was the Sugar Hill development in Upper Manhattan, which drew more than 48,000 applicants for 98 apartments.
And topping both was the drawing this month for 38 units at 59 Frost Street in Williamsburg. With rents ranging from $640 for a studio to $1,395 for a two-bedroom, the Brooklyn property attracted more than 80,000 applications, said Martin Dunn, whose Dunn Development Corporation built the project. That is one unit for every 2,110 applications.
“It really shows how desperate the need is for affordable housing,” Mr. Dunn said. - NYTimes.com