The Sun’s Michael Stoler, who had an article published last week entitled “Downtown Brooklyn Finally Arrives,” checks in this week with an article called “Concerns Rise Over Brooklyn Boom,” which is about how there may be a bump or two on the road to Downtown’s arrival. This week’s piece makes the case that a number of the 14,300 residential units (including Atlantic Yards) currently planned for downtown may be in trouble because of the credit crunch and the tightened rules regarding the 421-a tax-abatement program that go into effect on June 30, 2008. Former city council member and lawyer to many Brooklyn developers Ken Fisher summed it up:

Given the credit crisis and problems on Wall Street, they picked exactly the wrong moment to choke the golden goose. Even the biggest developers are worried that there is simply not enough subsidy to meet the need. The 421-a requirement for affordable housing is already skewing the market. Projects are being accelerated to meet the deadline, creating a glut just as the demand might soften.

How do you think the Downtown building boom will play out?
Concerns Rise Over Brooklyn Boom [NY Sun]