The NYC housing terms
everyone assumes you know.
AMI, DTI, flip tax, post-closing liquidity: the shorthand that shows up in every listing, board package, and closing statement. Every term here comes with a worked example and a named source, and links straight into the calculator that runs the math for you.
Renting
The NYC rental-market convention that a tenant's annual income should be at least 40 times the monthly rent.
NYC law (effective June 11, 2025) making whoever hires a broker responsible for paying that broker's fee, usually the landlord, not the tenant.
A co-signer who agrees to cover rent if the tenant can't. NYC landlords typically require a guarantor's income to be about 80x the monthly rent.
An illegal upfront cash payment a landlord, super, or agent demands just to hand over the keys or an application, separate from any legal fee and not recoverable if paid.
NYC's rent regulation system covering roughly one million apartments, where annual lease renewal increases are capped by a citywide board rather than set by the landlord.
Buying
The monthly fee a condo owner pays for building upkeep and shared amenities; the condo equivalent of a co-op's maintenance, but without the underlying mortgage or property tax bundled in.
The customary 10% of purchase price a NYC buyer wires into attorney escrow when signing the contract of sale; separate from, but later applied toward, the down payment.
Co-ops
The application dossier a NYC co-op buyer submits for board approval: financials, references, and personal statements, reviewed after mortgage approval is already in hand.
The building-specific rules governing whether and how long a shareholder can rent out their unit, commonly capped at two years in a five-year window, with board approval and a surcharge.
A resale fee a co-op corporation charges when shares change hands, typically 1-3% of sale price and seller-paid. Not a government tax.
The monthly fee co-op shareholders pay that bundles building upkeep, a share of the building's underlying mortgage, and a share of its property taxes into one number.
The liquid cash a co-op board requires you to have left over after paying the down payment and closing costs, typically 12+ months of maintenance and mortgage.
A co-op apartment still owned by the building's original conversion sponsor rather than an individual shareholder, sold without board approval, often with easier financing.
Affordable Housing
The HUD-published median household income for the NYC metro area, used to set eligibility and rent caps on every affordable housing listing.
An income-restricted co-op created under NYC's Housing Development Fund Corporation program, with lower purchase prices than market-rate co-ops, but capped buyer income and often a steep flip tax.
A federal rent subsidy, administered in NYC by NYCHA, that caps a voucher holder's rent contribution at roughly 30% of adjusted income with the agency paying the landlord the rest, up to a payment standard.
Taxes
The property tax exemption for new residential construction that replaced 421-a in 2024, offering up to 40 years of tax relief in exchange for permanently affordable units.
The combined 7.65% payroll tax (6.2% Social Security + 1.45% Medicare) withheld from every paycheck, plus a 0.9% Additional Medicare surtax above set income thresholds.
A NY State buyer-paid tax starting at 1% of full purchase price on residential sales of $1,000,000 or more, stepping up to 3.9% above $25 million.
A NYC/NYS tax on financed real property purchases (about 1.80% of the loan under $500,000, 1.925% at or above) that applies to condos but not co-ops.
A city income tax NYC residents pay on top of NY State tax (four brackets from 3.078% to 3.876%) that nonresidents who merely work in the city do not owe.
A New York State property tax break for a primary residence (Basic STAR for most owners, Enhanced STAR for seniors 65+ under an income limit) that reduces the school-tax portion of the bill.
General
The NYC Department of Buildings document certifying a building's legal use and unit count. A building can't be legally occupied without one that matches how it's actually used.
The share of gross monthly income that goes to housing costs plus other debts. It's the primary limit lenders and co-op boards use to cap how much you can borrow.
What actually lands in your bank account each pay period: gross salary minus federal, state, and local income tax, FICA, and any pre-tax deductions like a 401(k) or HSA.
Run your own numbers
Every term here feeds into one of our calculators. Once you understand the rule, see exactly how it affects your max price or affordable rent.