Atlantic Yards lacks deadlines

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Developer Bruce Ratner doesn’t face any deadlines anytime soon to complete the city-supported Atlantic Yards project, most of which is now delayed indefinitely. Critics are calling the project a “bait and switch,” as new projected dates could put off much of the promised 2,250 units of affordable housing for 13 years. The only deadline is set for 2021, when the project’s first phase, which includes the publicly-financed Nets arena and five skyscrapers, must be complete. Opponents are calling for the arena to be re-approved by the state after costs have shot up by more than $300 million since it was approved in December, 2006. State officials say the $950 million cost, up from $637 million, doesn’t need re-approval because Ratner will pay back the state through sales taxes from ticket, souvenir and food sales.

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