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June 15, 2009
Affordable housing in Atlantic Yards project could mean just 300 units in 12 years, 120 of them low-income (or ten a year)
Atlantic Yards Report
Over the years, "affordable housing" has become the big selling point for Bruce Ratner's highly subsidized Atlantic Yards megaproject. As evidenced by last month's public hearing, details on how much housing will be built when and for what cost are still pending. However, the picture that's emerging isn't as impressive as Ratner and politicians would have you believe:
One element of the testimony May 29 at the state Senate oversight hearing on Atlantic Yards deserves more attention: a city official acknowledged that Phase 1 might result in only 300 affordable units.
What he didn't say was that Phase 1 could take 12 years--after the delivery of property via eminent domain--and that the 300 subsidized units would include 120 low-income units.
In other words, just ten low-income units a year over 12 years would go to the prime constituency of ACORN, the organization that signed the Housing Memorandum of Understanding (MOU) with developer Forest City Ratner.
Of the promised total 2250 affordable units, 900, or 40%, would be low-income, or up to 50% of Area Median Income. The rub is that Area Median Income, which is based not only on New York City but some wealthy suburbs, is a good deal higher than the median income in Brooklyn.
NoLandGrab: Public officials and Ratner don't want to cough up real figures because the inescapable conclusion would be that the same affordable housing resources could be devoted to other projects which would deliver more badly needed affordable units more quickly.
Posted by lumi at June 15, 2009 6:34 AM