Public will pay for Atlantic Yards

Government subsidies will pay for more than half of Brooklyn’s $4 billion Atlantic Yards mega-development, according to papers released in court yesterday. Developer Forest City Ratner will receive at least $2.34 billion in government-backed financing for the project, most of that in the form of tax-exempt bonds for Atlantic Yards’ planned 2,250 units of affordable housing. “It is now starkly clear that Ratner’s project…would hoard scarce housing subsidy resources from all over New York City,” said Daniel Goldstein, spokesman for Develop Don’t Destroy Brooklyn. more [Post]