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May 30, 2012
Megaproject Developers Promise To Get Around To Affordable Housing Someday
NY Observer
by Kim Velsey
In a move that should shock no one, the developers of Atlantic Yards and Willets Point are dragging their feet when it comes to building the affordable housing components of their projects, The Wall Street Journal reports.
Atlantic Yards, crying “bad market,” has repeatedly delayed breaking ground on the 2,250 low- and middle-income units that were a major part of pushing the project through.
And Willets Point, promising another 1,750 affordable units, may finally have a development deal, but it will be a long time before any housing goes up. Housing is scheduled for the third stage of construction, long after the large retail center and hotel are finished.
Developers complain that unlike the other components of their boom-era projects, which can move forward even in an economy that is just regaining its footing, affordable housing is just not profitable (never mind that the other components of their project are). They’ll get around to it someday, of course. Just not anytime soon.
Related coverage...
Develop Don't Destroy Brooklyn, No Housing, "Affordable" or Otherwise, at Atlantic Yards
Funny, all these many years we didn't just warn that Atlantic Yards wouldn't easily fulfill its promises, but rather it would be impossible to fulfill these promises. Shame they didn't listen to us before they demolished 22 acres.
Queens Crap, Did you hear the joke about Megaprojects and affordable housing?
Posted by eric at May 30, 2012 10:23 AM