Agency, Developer Wrestle Over Atlantic Yards Affordability

A look at negotiations between developer Forest City Ratner and New York City's Housing and Development Corporation around the Atlantic Yards project shows that there will be less housing units set-aside for low-income families than promised.

"Announced in 2005 during a time of rising rents, an explosion of luxury condos, and gentrification pressures in Central Brooklyn, Forest City Ratner's promise of 2,250 'affordable' units in the Atlantic Yards project was a political masterstroke. Announced with the support of the community group ACORN, it gained kudos from numerous elected officials, like Council Member (and now Public Advocate) Bill de Blasio."

However, as "[t]he much-delayed first housing tower..., where half the 363 units have long been promised for "affordable housing," seems poised to get millions in city housing bonds," it's becoming apparent that promises for the amount of family-sized units, and their affordability, will fall well short of promises made by the developer.

Thanks to Nekoro Gomes

Full Story: Agency, Developer Wrestle Over Atlantic Yards Affordability


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