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October 9, 2009
The KPMG report, the marketing of 80 DeKalb, and Forest City Ratner's deceptive promises about AY "housing for Brooklyn"
Atlantic Yards Report
Forest City Ratner has tried very hard to suggest that the mixed-income housing in the Atlantic Yards project would be "for Brooklyn." A May 2004 brochure, the very first "liar flier," promised 4,500 UNITS OF MIXED-INCOME HOUSING FOR BROOKLYN.
The only problem: market-rate housing follows the market, natch, so renters and buyers come from anywhere.
As shown in the Atlantic Yards market study by KPMG, commissioned by the Empire State Development Corporation (ESDC) and released Wednesday, most new residents of market-rate units (4180 of 6430 units) would come from outside Brooklyn:
Although any new and upscale development in Brooklyn that offers transportation benefits similar to the Subject Property will likely attract residents from within New York City as well as the suburbs, a significant number of residents will likely come from Manhattan and to a lesser extent Brooklyn. Those from Brooklyn will likely involve "move-up" residents.
(Emphasis added)
Posted by eric at October 9, 2009 10:31 AM