No Land Grab

Folklore findings:

• The price tag is $3.5 BILLION, not "$2.5 billion," and that's before the Katrina Effect is factored in, where cost of any large-scale project has risen 30% due to increased demand on materials and labor.

• Office space numbers have been reduced to 638 thousand square feet, not the 2.4 million stated in the article.

• If anyone is paying attention, the project isn't in the "downtown area," it's in Prospect Heights.

• The characterization of neighborhood being 'inhabited by an army of 1970s-era urban homesteaders, “old lefties,” ex-hippies and young activists,' is quite romantic and really adds to the folklore. Yes, these lefties, ex-hippies and young activists are there, but the social fabric is much more complicated than that.

• "Ratner would also need community support to help him secure the backing of city and state officials." Ratner didn't need the community support to get the political support -- he lined up the political support first. A simple review of his past projects indicates that this his m.o.
   
  Community support gives the politicians political cover to support yet another Ratner deal in Brooklyn.

• The article states that ACORN has the "responsibility of marketing the units?" There is no mention of having a "contract" to be paid by Ratner to administer the units.
   
  Most recently, ACORN NYC has struck a similar deal with local banks to provide loans at fair interest rates, while collecting an administrative fee for itself. ACORN Housing is a non-profit corporation, ACORN NYC isn't.

• Here are some jobs claims that even Ratner no longer advertises. "Public housing residents and low-income people from the immediate area would have priority for any jobs." Ratner makes a big deal about the fact that the 1,500 construction jobs over 10 years (that's where the 15,000 figure comes from) will going to union labor. It is doubtful that he can connect a large number of public housing residents to many of these union jobs.
  
   
  Ratner abandoned the very ambitious the figure of 10,000 new jobs when they lowered the square footage for office space.

• City Councilmember James spells her name "L-E-T-I-T-I-A."

• The analysis of the Kelo decision is way off the mark. NY State is condemning the private property, NOT NY City. The ESDC is using the clearance of blight, not economic revitalization, as the justification of the condemnation, therefore the Kelo case has very little effect in this matter.