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August 10, 2007
Mayor delivers for Ratner
The Brooklyn Paper
By Ariella Cohen
Mayor Bloomberg agreed this week to give Atlantic Yards developer Bruce Ratner a $200 million bonus.
The tax break is part of a package that purportedly seeks to cut back tax incentives to real estate developers in upscale areas and to encourage the construction of moderate income housing.
This week’s deal, involving Bloomberg and leaders of the state Assembly and Senate — promises to modify legislation passed in June that includes a $300 million bonus to Ratner, now reduced by one-third. The bonus is in the form of a Ratner-only “carve-out” in 421-a tax abatements.
...
The father of the bill, Assemblyman Vito Lopez (D-Bushwick), declined to comment on the Atlantic Yards provision, hailing the larger bill as a long-awaited victory for low and moderate- income city residents.“This is a compromise and a very good bill that will create affordable housing all across the city,” Lopez said.
Affordable housing advocates praised the bill. “It will create more affordable housing around the city,” said Deb Howard, executive director of the Pratt Area Community Council. As for Ratner, she said, “he got lucky.”
NoLandGrab: Uh, we're not experts, but we're pretty sure it took more than luck for Ratner to get special treatment under the 421-a reform bill — we can't imagine Bloomie and Bruce settling the Atlantic Yards carveout with Rock, Paper, Scissors.
Posted by lumi at August 10, 2007 10:03 AM