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March 28, 2008
Why Atlantic Yards depends on a Democratic administration in DC
Atlantic Yards Report
While Bruce Ratner is busy trying to convince reporters that Atlantic Yards is stalled because of the economy, Norman Oder keeps pointing out that it's the supply of affordable housing funding, stupid:
Besides the credit crunch and the lack of a market for office space, both acknowledged by Atlantic Yards developer Forest City Ratner, the project depends crucially on a sufficient supply of tax-exempt bonds, a "crisis"--in the words of city housing head Shaun Donovan--evident well before the downturn in the economy.
And, despite efforts in Washington by top legislators representing New York, the problem likely won't be alleviated until a Democratic administration and a Democratic Congress revamp the rules and allow hard-pressed states like New York additional "volume cap," or the capacity to issue bonds free of federal taxes.
Posted by lumi at March 28, 2008 6:17 AM