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June 23, 2007
"Horrendous" Pork in Albany!
Gothamist
The Gothamist includes reaction to the 421-a Ratner clause as part of a post-legistlative session round-up:
One bill that did pass was a revision of the 421-a tax break. The bill expanded the areas where builders must offer 20% of its apartments as affordable housing in order to get a tax break, but it turns out that the Atlantic Yards project is getting a deal and we think it goes something like this: The entire complex's housing stock will be taken into consideration, versus looking at it on a building by building basis, so some buildings won't have affordable housing in them, and the average affordable income number will be raised, offering the units to "higher-income" families who need affordable housing. The Daily News' Juan Gonzalez has a withering column about it.
Posted by steve at June 23, 2007 10:05 AM