The mayor’s economic development team has also presided over several big public-private real estate projects and deals — the redevelopment of Domino Sugar, the Hallets Point project and the sale of Stuyvesant Town — that have delivered generous public subsidies to developers.
For example, at Stuy Town, the city is shelling out $225 million in subsidies, including a $144 million de-facto cash gift (in the form of a self-amortizing loan) and a waiver of the mortgage recording tax valued at $77 million. And although the city won a commitment from Blackstone and its partner Ivanhoe Cambridge to keep 5,000 units affordable for 20 years, some affordable housing advocates noted that many of the apartments are merely affordable for families with six-figure incomes.
Michael McKee, treasurer of the tenant advocacy group Tenants Political Action Committee, called the deal a “mixed bag,” lamenting that most of the units deemed affordable are out of reach for middle-income families and that the deregulation of Stuy Town’s affordable units over past years was not reversed.
Much more at the above article, including:
Although de Blasio initially sparked concerns in the real estate industry over his push to adopt mandatory inclusionary zoning, which would require developers in newly rezoned neighborhoods to set aside a portion of units as affordable, the mayor’s final rezoning proposal has turned out to be not as scary as many had feared.
The plan, which is set to go before the City Council this month, would eliminate several zoning restrictions for developers on height, design and parking in rezoned areas....
The Real Estate Board of New York and the Partnership for New York City, a business advocacy group, have both come out in favor of the mayor’s rezoning proposal.
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