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March 2, 2006

Doing a Number on Atlantic Yards

The Real Estate Observer's Matthew Schuerman was trying to get to the bottom of the affordable housing figures, when Joe DePlasco dropped this bomb in response to an inquiry: “We have also agreed to build on or off site 600 to 1,000 first-time homeowner condos and will continue to work with ACORN on this and related issues.”

NoLandGrab: Once again, DePlasco forgot to issue a press release.

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Schuerman does some number crunching and figures that the final tally could reach 2,850 on-site affordable apartments. If that were so, then it would comprise the most affordable units "built in one spot in this city since 1976." Schuerman also compares the affordable housing percentages with another project in progress, Schaefer Landing, a Williamsburg waterfront development.

The Atlantic Yards Report's Norman Oder does a number on the Real Estate Observer's comparison to Schaefer Landing and reveals that Schaefer Landing's affordable housing was targeted to low-income households earning 60% of the Area Median Income, as opposed to the Ratner plan, where only 40% of the affordable housing units would target that same group. In other words, Schuerman is not exactly comparing apples to apples.

Posted by lumi at March 2, 2006 11:26 AM