The Real Deal New York

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
April 03, 2014 12:20PM

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

  • SocialismEqualsTheft

    Socialist propaganda. Why should anyone build, grow, manufacture anything and sell/rent it for below a market rate? It’s completely absurd and lacking any good economic sense. The reason NYC is so expensive is BECAUSE there are so many restrictions on the free market. This study contains the most dangerous kind of thinking – that any one person has the right to what someone else produces. It’s institutionalized thievery. Stealing.

    • its not about money

      I strongly suspect that big developers and brokers are actually tasked with performing a public service in many cases under the guise of pursuing profit. How do you explain the successes in renting out Harlem retail in the last few years when that area is definitely inferior in location to the stagnating Little Italy district?

      Look hard(er) and the truth becomes undeniable. I would love to be able to believe that just paying a broker’s fee will get good retail into my building but there are motives good and evil for it to not happen.

  • Common Sense

    No Spinola we do not “all agree that we need more affordable housing” – the taxpayers of NYC have had enough. We need more market rate housing. I want neighbors who can pay taxes and provide for themselves. We have way too much affordable housing in this town.