Brooklyn affordability study calls for more below-market units

Only 6% of the nearly 4,440 units built were affordable for low and moderate-income households

TRD NEW YORK /
Apr.April 03, 2014 12:20 PM

Only five apartment buildings built in Brooklyn between 2008 and 2012 included below-market-rate units, according to a new report from an affordable housing advocacy group.

In those five years, 61 buildings built in the borough will receive a total of $158 million in tax breaks, according to the report, released today by the Real Affordability for All Campaign. Only six percent of the nearly 4,440 units built were affordable for low- and moderate-income households.

“We know that the city is going to use subsidies to entice developers to build more, but if we’re going to do that, we need to produce maximum affordability in our units,” Jaron Benjamin, executive director of the Met Council on Housing, told the New York Daily News.

The study recommended that new residential developments should be 50 percent affordable and 50 percent market rate. But Steven Spinola, president of the Real Estate Board of New York, told the Daily News that the target was unfeasible.

“We all agree New York needs more affordable housing,” Spinola said, “but changes to policy should not be based on flawed studies like this.” [NYDN] -–Hiten Samtani


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

Bernie Sanders (Credit: Getty Images)

Bernie Sanders throws support behind New York rent-suspension bill

The 30-year fixed rate dropped to 3.5 percent this week (Credit: iStock)

Mortgage rates fall, but who’s buying?

Gov. Andrew Cuomo (Credit: Bennett Raglin/Getty Images)

NY regulators lay out specifics of homeowner mortgage break

Real estate brokers across the country have been adding standardized coronavirus-related legal language and addendums to help buyers manage risk.

The coronavirus clause is now a thing in resi deals

CHIP's Jay Martin 

“The landlord is just a collection agent for the city,” CHIP head argues

FHFA Director Mark Calabria (Photo by Zach Gibson/Getty Images)

Fannie, Freddie offer multifamily landlords a break — strings attached

arrow_forward_ios
Loading...