Where's the Dough for AY Affordable Housing?
Last week Norman Oder had an extensive post on Atlantic Yards Report about where funding for AY’s affordable housing is going to come from. The issue is of serious concern as funding dries up for affordable projects around the city; Oder makes the point that AY’s 2,250 units of subsidized housing will require $1.4 billion…
Last week Norman Oder had an extensive post on Atlantic Yards Report about where funding for AY’s affordable housing is going to come from. The issue is of serious concern as funding dries up for affordable projects around the city; Oder makes the point that AY’s 2,250 units of subsidized housing will require $1.4 billion in housing bonds, and there’s no evidence that Forest City Ratner has applied for any of those bonds (that’s important since there’s only about $1.6 billion bond financing to go around each year for all of New York State, and other developers also have to wait in line for the funds). The Post, meanwhile, had a hard hitting 52-word article that quotes HDC prez Marc Jahr as saying the city is not concerned about AY affordable funds being available because of the development’s scale. But isn’t there a lot to be concerned about? For example, does the project’s scale mean the city is giving a free pass for construction on the affordable housing parts of Atlantic Yards to take much longer than other aspects of the development? And what if there’s even less funding available for affordable housing in the future? Finally, is it fair for Forest City Ratner’s mega-development to eat into the creation of affordable units in other parts of the city and state?
AY Affordable Housing Jeopardized By funding “Crisis” [AY Report]
Atlantic Yard$tick for Poor Housing [NY Post]
Is the Creation of Affordable Housing in Jeopardy? [Brownstoner]
Photo by True Scot
An ode to The What:
http://www.harpers.org/archive/2008/02/0081908
Oh, I’m bein’ shafted by a boondoggle, boondoggle, boondoggle
Taxin’ and grabbin’ by a boondoggle, boondoggle, boondoggle
And if I ever lose my hands, lose my plough, lose my land…
How much of AY will get built? I’ll tell you how much:
the HUGE “temporary” asphalt parking lot over the former yards site.
the luxury condos on the Western edge of the site, including the part that isn’t officially part of the Yards.
the stadium.
That’s it. The rental housing, fuhgeddabodit. The “affordable housing,” never gonna happen.
Maybe a hotel. That’s all she wrote.
“The What: how much of AY did you think will actually get built?”
Well… Ratner will have to borrow plenty of money! Goldman Sachs is getting cold feet in this project. If GS goes forward, they will have to hold the debt on their books. The market for Commercial debt is imploding. Just look at the story, rates are going up.
Auction-Rate Bonds Force `Predatory’ Yields on Cities
http://www.bloomberg.com/apps/news?pid=20601009&sid=aZdB.TLa5k2c&refer=bond
How can NYC give Ratner 2 Billion??? Plus he needs the money in place before construction. BTW The Nets are bleeding money. Plus there is a new arena in downtown Newark NJ http://www.prucenter.com/ and it is beautiful!! I think Ratner will Back-Door Brooklyn and go to Newark NJ in 2012. If this happens, they will need to get me a oxygen tank. I will be laughing my fucking ass off.
The What
Someday this war is gonna end…
The What: how much of AY did you think will actually get built? I’m really wondering how much he will actually downscale- and more importantly, will we know about it before he gets all our promised money. I don’t really know how all that works- is it all on paper until the project is truly underway? Or does he basically have it in the bank, so to speak, and we will never see it again?
Ay will create jobs for a select group of folk- the developers,construction industry and friends of FCR. Supposedly jobs were going to go to the community via groups like Build but they were talking maybe 1000 jobs total and the chance to get into the union. FCR is supposedly a union project so I would love to know why they began the disastrous Bakery demo with a non union company- and with such interesting results? If that doesn’t show everyone how much they can count on Ratner’s word I don’t know what will. So while we taxpayers will have to keep the promises our elected political leaders so stupidly made to Ratner, there is obviously no constriction on him to keep his.
I agree with Montrose Morris, the “affordable housing” was never truly promised. At the end of the day Ratner et al will say they just couldn’t afford (the ironies!) to build the affordable housing. It would have been a good idea, but the millionaires just didn’t line up for the rest of the plan as hoped.
The people on the take at ACORN and Rev. Daughtry should have been ashamed of themselves a long time ago, but they certainly are quiet right now.
“Give Ratner additional FAR”
Are you kidding? Isn’t AY already planned as the densest development in the entire country?
They’ll build it allright and all those with thier hands out expecting crumbs will be pickiting, marching and singing the same ol sorry “I’ve been hoodwink by the Man” song.
I mean if you cant afford to live in the area now did you honestly think Ratner is building a cushy apt for you in 10 yrs?