What Makes a Legal Basement Apartment?

Basement apartments provide affordable housing options in crowded urban hubs like New York City, where the average rent for a Manhattan apartment is $4,140, according to RENTCafé data. But far too many unregulated units create hazardous living conditions.

A recent report compiled by The Pratt Center for Community Development found more than 30,000 "unaccounted-for" apartment units in New York City. This means that the Department of Buildings did not grant any of them a certificate of occupancy, which declares that a residence is in compliance with the building code and is therefore habitable. That the vast majority of these illegal apartments were found to be in low-income communities of color is further evidence of the housing divide that plagues many cities.

When residential real estate is off the radar, it can lead to tragic consequences. During last year's Hurricane Ida, basement flooding in New York City resulted in the deaths of 11 residents who were trapped in their illegal basement apartments.

Source Fool.com