May 13, 2009
Whither AY affordable housing: how little can they get away with building? Were promises ever realistic?
Atlantic Yards Report
Norman Oder breaks down the affordability of Atlantic Yards "affordable housing" and the possibility that the government will not be able to deliver the subsidies and that it will take decades to happen.
So the project may have been approved with no inquiry as to whether there would be enough bonds to support Forest City Ratner's plans.
I can't be certain, but several months ago, I filed a Freedom of Information Law request, asking the ESDC if it had considered the availability of tax-exempt bonds in evaluating Atlantic Yards. I haven't gotten an answer. Each month I get a letter telling me they're still looking for responsive records.
Maybe the Senate hearing can get some answers.
Posted by lumi at May 13, 2009 6:07 AM