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

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

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Red Apple Group’s John Catsimatidis and Muss Development’s Jason Muss (Getty; iStock)

Four Brooklyn landlords accused of illegally inflating rents

Four Brooklyn landlords accused of illegally inflating rents
The decline in contract activity may signal a drop in sales in the coming months (iStock)

Pending homes sales dipped in September

Pending homes sales dipped in September
(Getty, iStock)

Refinancings drove up home mortgage apps last week

Refinancings drove up home mortgage apps last week
U.S. home prices rose with Phoenix, Seattle and San Diego logging the biggest gains (iStock)

US home prices jump 5.2% in August

US home prices jump 5.2% in August
An estimated 12.8 million Americans would owe an average of $5,400 from missed payments (iStock)

Rent debt could reach $70B by year’s end: Moody’s

Rent debt could reach $70B by year’s end: Moody’s
New York Attorney General Letitia James and 63-36 99th Street in Rego Park (Getty; StreetEasy)

“Not on my watch”: AG Tish James fines developers who violated 421a

“Not on my watch”: AG Tish James fines developers who violated 421a
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...