« Day 1 and 2 | Main | It came from the Blogosphere... »
June 22, 2007
Atlantic Yards Gets Special Provision
WNYC
by Cindy Rodriguez
The Atlantic Yards exception from the 421-a reform bill got airplay on WYNC News Radio today.
REPORTER: The move is a small part of a proposed law that will require more developers to build affordable housing in exchange for tax breaks. The bill carves out an exception allowing Forest City Ratner - the Atlantic Yards developer to get a tax abatement not just on rental buildings with affordable apartments but also on 1,900 market rate condos.
REPORTER: The project also would be allowed to charge more for affordable units than other developments. Housing advocate Brad Lander calls this a side deal that will cost taxpayers $100 million.
Overall, about 30% of the Atlantic yards project will be affordable.
NoLandGrab: It's interesting that WNYC doesn't use Forest City's bogus 50% figure for the Atlantic Yards affordable housing plan.
Posted by lumi at June 22, 2007 7:50 PM