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January 24, 2012

How many subsidized apartments for low-income families in first Atlantic Yards tower? Just eight 2BRs, as Forest City Ratner reneges on promise to build half the affordable space as 2BR/3BR units

Atlantic Yards Report

Forest City Ratner maintains its unblemished record of not keeping any promises.

How many affordable apartments would there be for low-income families--families that need two bedrooms or more--in B2, the first planned Atlantic Yards tower?

Only eight.

And that's out of 350 total units.

The building, which has been delayed nearly two years and has not yet broken ground, would include 130 studios, 180 one-bedroom, and 40 two-bedrooms.

Of those latter 40 units, 20 would be subsidized. However, only eight of them would be low-income, with monthly rents at $701.75 and $902.25, at least under current income guidelines.

The other subsidized "affordable" two-bedroom units--four each--would cost $1604, $2406, and $3007. It makes you wonder how much the market-rate units would go for.

Reneging on the pledge

Why so few larger units? For the first building, Forest City Ratner has reneged on its long-promised "goal" to ensure than half the affordable housing--on a square foot basis--would be two- and three-bedroom apartments.

And that was a key selling point to struggling families hoping for better housing, as noted in the screenshot at [right], from the original AtlanticYards.com web site.

Note that the web site misleadingly implied that half the number of units--rather than square footage--would be larger units.

Yes, they even lie about their lies.

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Posted by eric at January 24, 2012 10:52 AM