This doesn’t even take into account the hundreds of thousands of people in Section 8 housing who are “earning” money under the table and not reporting it to the IRS. Then there are the additional “tenants” who pay to live there, which is also not reported. This article is only the tip of the iceberg.
A public housing project in Brooklyn. (Reuters/Lucas Jackson/File)
A family of four in New York City makes $497,911 a year but pays $1,574 a month to live in public housing in a three-bedroom apartment subsidized by taxpayers.
In Los Angeles, a family of five that’s lived in public housing since 1974 made $204,784 last year but paid $1,091 for a four-bedroom apartment. And a tenant with assets worth $1.6 million — including stocks, real estate and retirement accounts — last year paid $300 for a one-bedroom apartment in public housing in Oxford, Neb.
In a new report, the watchdog for the Department of Housing and Urban Development describes these and more than 25,000 other “over income” families earning more than the maximum income for government-subsidized housing as an “egregious” abuse of the system. While the family in New York with an annual income of almost $500,000 raked in $790,500 in rental income on its real estate holdings in recent years, more than 300,000 families that really qualify for public housing lingered on waiting lists, auditors found.
(HUD Office of Inspector General)
Continue reading “FEEL GOOD STORY OF THE DAY: A family in public housing makes $498,000 a year”
