Currently, vouchers in the program, known as CityFHEPS, are capped at $1,265 a month for a single adult and $1,580 for a family of three or four. The legislation will require the CityFHEPS rates to align with Section 8, the country’s most successful rental assistance voucher. Section 8 allows $1,945 for a one-bedroom apartment or $2,217 for a two-bedroom apartment.
In addition, research by StreetEasy released in April 2021 found that record-high rent drops and high inventory levels from COVID-19 have more than doubled the number of homes on the market that are deemed affordable for Section 8 voucher participants. Using all apartments listed from July through December 2020, only 564 units would meet current CityFHEPS standards, whereas 71,934 would meet Section 8 standards.
Opening up the universe of apartments that are potentially voucher-eligible means more opportunities to permanently house individuals and families, and to reduce the risk and length of homelessness. A two-bedroom voucher at the increased rate would cost the city up to $21,200 a year while a shelter stay during this same time period is about $74,000 a year.
This is something that can benefit people, reduce corruption, and can be argued from both a left and right perspective, so of course no one is going to support it. No one wants a win-win situation, people aren’t happy unless there are winners and losers and are more than happy to lose if it means seeing their enemies loose.