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June 22, 2007
Give Us a Break!
From Develop Don't Destroy Brooklyn:
What will reform-minded Governor Spitzer do with this bill? We say he should veto it until the inexcusable exclusive gift clause to Bruce Ratner is excised, or he should negotiate it out of the bill.
The 1,700 to 1,900 market rate condos Bruce Ratner intends to build in his Atlantic Yards project will pay no property taxes. This could lead to a loss of somewhere between $100 million to $190 million in tax revenue for New York City, while enabling the developer to sell his units at higher prices because buyers won't have to pay taxes. Bruce Ratner is the only developer in the newly described 421-a zones in the City to receive this huge benefit. Why? There is no answer--not from us, not from the developer and not from the Assemblymembers who wrote a special clause for Bruce Ratner into their reform bill.
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We ask, why? All we know is that Forest City Ratner spent more on lobbying this past year than any other developer in the state.
NoLandGrab: Even more simply, the Ratner market-rate condo exception means less public benefit and more money for Ratner.
Posted by lumi at June 22, 2007 7:40 AM