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August 5, 2006
What about the renters? FCR's Stuckey asserts, "We will take care of them"
Atlantic Yards Report
What about the renters in the Atlantic Yards footprint?
Yes, the [renter's relocation] agreements sound good. They'd pay the difference between their current rent and that charged for a new apartment, and they'd be guaranteed a space in the Atlantic Yards project at their previous rent.
However, the relocation agreements, according to [South Brooklyn Legal Services], “leave [renters] vulnerable.” The agreements would pay the differential in rent for only three years, which means that, given that the project wouldn’t be finished until 2010 at the earliest, the tenant would be left paying a high rent for some unspecified period.
...
Jim Stuckey (Forest City Ratner Atlantic Yards Development Group President) says:
“The three years was never meant to be a period that we would leave people out in the lurch," he said. "And if it turns out for any reason at all that we have to contribute to subsidizing them for a longer period of time, than we will certainly do that. This was negotiated with people earlier on, and the project has actually taken on new life, but there’s no question in my mind that if it takes longer, we will take care of them.”
Norman Oder tries to get to the bottom of the issue:
So, I asked, what agreements are now being offered to people still left in the footprint?
[Stuckey] wouldn't specify how many years of differential rent would be paid. “I think the answer is: 'we’ll take care of them,'" he said. "What I’m not going to do is get into the specifics with individuals.”
It would be good, I said, to see it in writing.
“In time,” he responded.
Posted by lumi at August 5, 2006 9:13 AM