NYC Section 8 Fair Market Rents
I haven't had any experience with program tenants in NYC yet but I am considering purchasing a building that has program tenants in it. So I started doing some homework to learn the programs.
One part that I haven't been able to understand yet is the disparity between the HUD FMR (Link to HUD site) which sets the FMR by county. So for example in Brooklyn (Kings County) the FMR for a 3BR is $2,021. There are some parts in Brooklyn where a 3BR would rent for double that and other places where a 3BR would go for $1,500.
Being that Section 8 will give the tenant a voucher for $2,021 why doesn't every 3BR in NYC rent for $2,021 regardless of location?
I am sure I am missing something ;-)