After the Mayor threatened on Monday to pull $100 million of city financing for the Atlantic Yards project if the sweetheart deal that Vito Lopez inserted into the 421-a legislation was not revised, a compromise is reportedly in the works. According to The Daily News, the city will get its $100 million back by reducing the tax-free period on 1,900 market-rate condos from 25 years to 15 years. Of course, that comes at the expense of the condo owners not Ratner himself. As the Atlantic Yards Report points out, though, the compromise doesn’t change the fact that Ratner is getting special treatment by not having to play by the same affordable housing rules as every other developer.
Pols Slash Tax-Break on Atlantic Yards [NY Daily News]
Ratner-City Deal Near on Housing [NY Post]
A “Compromise” on the Ratner Clause [AY Report]
Bloomberg Steps Up Pressure on 421-a Carve-Out [Brownstoner]
Photo by Tracy Collins