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June 27, 2007
421-a reform map
Though we generally focus on Atlantic Yards-related stuff, readers who have been closely following the 421-a reform bill, which contains the "Atlantic Yards exception" (aka Ratner clause), may want to follow up on today's news of Pratt Center's map, which illustrates the areas affected by the legislation passed by the State Assembly.
The Real Estate Observer, Introducing the Full-Color, Five-Borough Tax Break
The areas in maroon, rust and mustard (what a palette, lads!) will force residential developers to incorporate low-income housing into new buildings if they want to qualify for the popular tax-abatement program. (It can cut up to $200,000 off your tax bill.) The gray areas are places where developers can get 15 years or more of property-tax discounts even if they put up market-rate condos.
Atlantic Yards Report, The 421-a map emerges--shocker?
Several members of City Council wanted the so-called "exclusion zone" expanded citywide, and Assembly Housing Chairman Vito Lopez, who also chairs the Brooklyn Democratic Party, also wanted the zone expanded.
It's notable that Lopez did not expand the zone to middle-class neighborhoods in central Queens, southern Brooklyn, and Riverdale, where 421-a probably distorts the market. Clearly he was particularly concerned about the areas around his Bushwick/Williamsburg base.
As I wrote, I think it's a victory to have continued to expand the zone. Still, critics who point to the absence of transparency--on both the boundaries and the "Atlantic Yards carve-out"--deserve attention from Gov. Eliot Spitzer before he signs the bill. It's not too late to order a revamp.
Posted by lumi at June 27, 2007 8:47 AM