Doing the math on RAD conversion of apartments will give us an insight into how bad this can be. First, let find out how big NYCHA just for the hell of it. Then look at a complex as an example. To substitute your development check List of New York City Housing Authority properties for the number of units.
Doing the math in Nychaland
Excerpt: How big is NYCHA
NYCHA is huge. There are 334 developments holding 178,895 apartments in 2,602 buildings situated on an area three times the size of Central Park. Officials site the population at 400,000, but because there are so many people living “off-lease,” actual population is around 600,000. An additional 160,000 families are on the waiting list. If Nychaland were its own city, it would be the 21st most populous city in the nation, bigger than Boston and Seattle.
Source, Article by NY.Curbed.com: 10 Surprising Facts About NYCHA, New York’s ‘Shadow City‘
https://ny.curbed.com/2012/9/10/10330984/10-surprising-facts-about-nycha-new-yorks-shadow-city
The Linden Houses Example
This example based on the information detailed in 10 Surprising Facts About NYCHA, New York’s ‘Shadow City
The HUD Frequently Asked Question on RAD and Section 18 is more complicated than this. There are requirements and other items that can drastically change the outcome of this example.
Linden Houses
Linden Houses has 1586 units (source Wikipedia List of New York City Housing Authority properties)
1586 x.75 = 1189.5 units (apartments) being converted in Linden Houses.
1586 – 1190 (rounded up) = 396 units not converted.
Of the 75% converted 25% will be Section 8 so:
1189.5 x .25 = 297.4 units will be Section 8
Final Breakdown
1190 converted units minus 297 Section 8 units = 893 units that the rent can be raised on.
Note: The number of converted apartments can be higher. 75 percent is a starting point.
Warning: If all parties decide to gentrify a neighborhood this means nothing. Because there is no monitoring or accountability they can do whatever they want.
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Disclaimer
Disclaimer: I am not a lawyer and nothing stated here is legal advice. This article applies to the five boroughs of New York. All information deemed accurate but not guaranteed. Always check the real estate laws in your part of the country.
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