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October 20, 2006
Atlantic Yards housing subsidies: how much?
Atlantic Yards Report
The NY Times connects the dots between a new Queens waterfront affordable-housing proposal and the controversy surrounding the sale of Stuyvesant Town-Peter Cooper Village.
Under the proposal, the city would bring as many 5,000 new rental units to a largely industrial area of Long Island City, where chic restaurants are just beginning to appear amid low-slung factories and three-family homes.
...
Deputy Mayor Daniel L. Doctoroff had said it was a matter of efficient use of public dollars: preserving the historic units [at Stuyvesant Town and Peter Cooper Village] would have cost about $107,000 per unit. In contrast, he said yesterday, the units in the new Queens development would be built for about $54,000 each in city funds.
Norman Oder connects the dots back to Atlantic Yards:
[The Queens waterfront] would be a lot more than the 2250 affordable rental units promised for the Atlantic Yards project, which would have more than 6000 total units.
...
So, would the affordable units at the Atlantic Yards project cost $54,000 per unit? $107,000? Somewhere in between? Of course the numbers would have to be adjusted because of the range of incomes promised for Atlantic Yards. Still, it's time to look more closely.
Posted by lumi at October 20, 2006 8:17 AM