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May 25, 2007

Fighting the ravages of luxury towers

People's World Weekly
By Daniel Rubin

An article cautioning New Yorkers about the current luxury housing boom includes Atlantic Yards with a curious wrinkle in the narrative (emphasis added):

Billionaire developer Bruce Ratner plans to build the Atlantic Yards Project at the busiest intersection in Brooklyn. It would bring 17 towers, some up to 60 stories high, for housing, offices, a hotel and a basketball arena for 19,000. It would be the most densely populated complex in the United States.

A large community movement against it, supported by several African American progressive public officials, has fought for the last three years. As a result, 30 percent “affordable housing” (but possibly offsite) was promised. There would be 225 units available for those with incomes below the area median income of $28,800 for a family of four. But 3,000 families are expected to be displaced from the community as a result of the project, driving up rents and real estate taxes. The rest of the “affordable housing” goes up to $113, 400.

article

NoLandGrab: It would be more correct to say, "ACORN sided with the developer and announced a 50/50 affordable housing plan. Ratner soon added more luxury condos to the project, diluting the overall percentages to 30-percent 'affordable,' a majority of which would not be available to those making less than the Brooklyn median household income."

Posted by lumi at May 25, 2007 6:48 AM