NEWS: Press about & reactions to 421a "reform"
From Aaron Brashear, Concerned Citizens of Greenwood Hts. [email protected]
See The New York Post (or see below)
It’s unfortunate that the final bill, if approved today, will not be City wide, still allowing developers to get a tax break, and in this man’s opinion, accept “welfare for the rich” while continuing to build luxe housing, instead of the needed low to moderate affordable housing.
I am hopeful that the new zones will attract luxe condo developers to add the mandatory 20% affordable housing component (should have been higher and should have been on-site) and even have pie-in-the-sky hopes that there are affordable housing-only developers lurking out there that this tax abatement will give incentive to build up the needed housing stock…but excuse my lack of optimism on that one.
I’m sure we’ll read all about the final vote later today in the blogs/news networks and in the papers tomorrow.
Till then,
Aaron.
PS. They mention “Sunset Park” in the new zone. For the record, “Sunset Park,” according to Ms. Quinn and Mayor Mike stops at 25th Street…
NY Post 12.20.06
NEW LUXE-HOUSING TAX CREDITS COMING
By STEPHANIE GASKELL
December 20, 2006 — The City Council plans to approve a bill today that will expand the number of neighborhoods that require a certain amount of affordable housing to be built in exchange for tax credits on luxury housing.
Mayor Bloomberg is expected to support the 421-A bill, which then will be sent to the state Legislature for final approval.
There were objections to the measure. One council member who wanted the entire city to be included in the program and another who claimed that certain neighborhoods were being protected because of “sweetheart” deals with local lawmakers.
In the end, the legislation was expanded to include East Harlem and parts of Brooklyn, including Sunset Park and Bushwick.
The bill yesterday was passed out of the Committee on Housing and Buildings by 9-2 and is expected to receive at least 40 of the council’s 51 votes today.
“This bill is a fair balance,” said Speaker Christine Quinn, who pointed out that if developers aren’t allowed to make some profit, they won’t take the tax credit and then no affordable housing will get built.
Quinn also said it was important for the council and the mayor to come to an agreement on the bill so the city can present a united front when it goes to Albany next year.
“Rarely do you see the council speaker, the mayor, the Department of Housing and the vast majority of council members standing united in Albany,” said Quinn.
The tax breaks are set to expire at the end of 2007 but, by law, the council must vote on changes before the end of this year.