New proposal could curb public subsidies for private developers in NYC

A proposal by the Task Force on Public Benefit Agreements is seeking to limit the cost and frequency at which public subsidies are given to private developers in New York City. The task force presented its proposal to Comptroller John Liu today, outlining a plan that aims to encourage broad citywide participation, and secure public benefits that comply with legal standards. “The city fell into the habit of announcing marvelous benefits for the public, such as jobs and affordable housing, in exchange for granting special subsidies to private developers,” Liu said. “Too often, however, the promises fail to materialize long after the private developers have received their special subsidies.” Recognizing the need for preventing delays, deadlocked negotiations and derailed projects in the city’s development projects, the task force — which studied the problem over the last six months — recommended specific methods for a more predictable development process. TRD