« It came from the Blogosphere... | Main | The greening of blighted Dean Street »
June 4, 2007
Would rising costs delay affordable housing? Ratner won't say
Atlantic Yards Report
From City Limits Investigates:
The development by Forest City Ratner Companies (FCRC) is supposed to make 50 percent of its rental units affordable, but the first phase of project--scheduled for completion in 2010--is only required to designate 30 percent of the units that way. Members of Develop Don't Destroy Brooklyn and City Councilmember Letitia James claim rising costs could postpone or derail the second phase of the project, which is due to end in 2016, thus endangering the unusually high affordable housing benefits that the construction promised to provide. Loren Riegelhaupt, a spokesman for FCRC, wrote in an email that he would not comment on "ridiculous speculation by opponents whose only goal is to stop the project."
CLI could have gone beyond the "opponents" and pointed out that much milder critics have questioned the promise, and representatives of the developer have given fuel to doubts.
Posted by lumi at June 4, 2007 8:53 AM