Following the groundbreaking for the first residential tower at its Atlantic Yards project, community organizations expressed outrage over Forest City Ratner Companies’ (FCRC) intention to use New York City Housing Development Corporation bonds to subsidize apartments too small for working families, and too expensive for the majority of Brooklynites. .
The plans for B2, as the first residential building is known, include 363 apartments, approximately half of which are described as “affordable.” However, of the “affordable” apartments, only 35 are two-bedroom units suitable for families, and only 9 of those are intended to be affordable to families earning the median income for Brooklyn which is just over $43,000 for a family of four. More than half of the two-bedroom “affordable” apartments are intended to be marketed to families earning more than $100,000 annually.
State legislators criticize delay in jobs and housing, call on ESDC and Governor to reform Atlantic Yards
On Sunday, January 22, State Senator Eric Adams, Assemblyman Hakeem Jeffries and Assemblyman Karim Camara held a press conference in front of the Barclays Center, criticizing Atlantic Yards' failure to deliver promised jobs and affordable housing, and calling on the Empire State Development Corporation and Governor Andrew Cuomo to reform oversight of the $5 billion project.
The latest bombshell to drop at the Atlantic Yards project came yesterday with the release of renderings of its first planned residential tower. As reported today by the Wall Street Journal,
Mr. Ratner said Thursday that the existing incentives for developments where half the units are priced for middle- and low-income tenants "don't work for a high-rise building that's union built."
He added that he had "accepted the fact that we're not going to get more subsidy."