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November 19, 2009
New market-rate units at FCR's 80 DeKalb building would be cheaper than some AY affordable housing (as of 2006!)
Atlantic Yards Report
If you have any doubts that Bruce Ratner's economic analysis and financial projections for the Atlantic Yards project are bogus, check out the figures from Ratner's other residential project the next neighborhood over.
In July 2006, Forest City Ratner projected that the most expensive "affordable" studios in the Atlantic Yards project would rent for $1861 a month.
That was over market-rate then--and it still is. Forest City Ratner's new 80 DeKalb building in Fort Greene will offer studios at $1795 a month, according to the Brooklyn Eagle.
Given that the Area Median Income (AMI) has gone up since 2006, the rent for AY units would be higher now--and likely would be even higher when and if units are built.
NoLandGrab: Yes, you heard it right, some "affordable housing" units at Atlantic Yards would be more expensive than comparable market-rate housing. That's totally sick, considering that housing advocate Bertha Lewis declared that she will "fight to the death to get this project done."
Posted by lumi at November 19, 2009 7:01 AM