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Affordable Housing Scarcity in Manhattan's West Village: A Demographic and LIHTC Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The West Village, a neighborhood in Manhattan, New York, has 169 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 6 designated as low-income units. This represents approximately 1.53% of the estimated 11,050 housing units in the neighborhood. The LIHTC program has provided $251,316 in tax credits for affordable housing projects in the West Village, averaging about $1,487 per unit across all LIHTC-funded projects.
LIHTC-funded affordable housing projects in the West Village date back to 1996, with two notable projects completed that year: Rockrose and 100 Jane Street. This indicates that affordable housing initiatives have been present in the neighborhood for over 25 years. The 1990s saw the most affordable housing development in the West Village, with both LIHTC projects completed in 1996. These projects include 1 efficiency unit, 16 one-bedroom units, and 4 two-bedroom units.
Demographic data shows that the West Village population decreased from 30,715 in 2016 to 28,840 in 2022. The median income has remained relatively stable, ranging between $137,083 and $150,712 in recent years. Racial demographics have shown minor changes, with the white population decreasing from 84% in 2016 to 78% in 2022, while Hispanic (7% to 10%) and Black (1% to 2%) populations have slightly increased. The Asian population has remained around 5%.
The high median income and demographic stability may explain the lack of recent LIHTC-funded affordable housing development in the neighborhood. The stable, high-income population might suggest less immediate need for additional low-income housing units.
The West Village's LIHTC-funded affordable housing inventory represents a small portion of the neighborhood's estimated housing stock. Existing projects from 1996 provide a mix of unit types to serve diverse housing needs. Despite minor demographic shifts over the past decade, the neighborhood maintains a high median income and a predominantly white population. These factors, combined with limited recent LIHTC activity, suggest that affordable housing development through this program may not have been a primary focus in recent years. Other affordable housing initiatives not captured in this data may also contribute to the neighborhood's housing landscape.
