Hotel Handout, Few Affordable Phase 1 Units at AY
Sarah Ryley over at the Brooklyn Eagle’s been digging through the recently-released Atlantic Yards documents and finding some interesting things. In an article online yesterday, she wrote that the Forest City Ratner would be selling the rights to build a hotel within Miss Brooklyn for $28.8 million. “Basically, it’s eminent domain being used to give…
Sarah Ryley over at the Brooklyn Eagle‘s been digging through the recently-released Atlantic Yards documents and finding some interesting things. In an article online yesterday, she wrote that the Forest City Ratner would be selling the rights to build a hotel within Miss Brooklyn for $28.8 million. “Basically, it’s eminent domain being used to give the land to Ratner for free,” commented Dan Goldstein. “Then he gets to sell it, which again is pure profit to him as opposed to the state and the city. In a separate article, Ryley also notes that less than 10 percent of the first-phase apartments—143 out of 1,580—will be low-income units. Another 216 apartments will be for middle-income earners. “The so-called moderate-income properties are way beyond the incomes of the vast majority of residents in my district, so to call those units affordable is laughable,” said City Council Member Letitia James.
Ratner May Net $30 Million On Sale of Arena Hotel [Brooklyn Eagle]
Few Affordable Apartments for First AY Tower [Brooklyn Eagle]
anonynous 2:47, you wrote:
“City Boy’s post MIGHT be relevant if any of the owners of the “un-affordable” housing in Atlantic Yards paying property taxes. But they won’t be.”
Wrong. NYC is one of those unfortunate city’s so desperately in need of tax revenue that we pay a NY CITY income tax on top of everything else. That tax is largely earmarked for raising funds for the public school system. In other words, the property tax that is the customary source of public-school funding is supplemented by the NYC Income Tax.
That means if the Property Tax Department doesn’t get you, the Income Tax People will stick their hands your pockets instead. If you do not enjoy a deduction for the payment of property taxes, the extra income you report will increase you NY City income tax. You’re trapped.
People who pay taxes in NYC, pay the highest rates in the country. It matters little which revenue-seeking government entity is peeling cash from their pockets.
There is virtually no escape from high taxes in NYC if you are are truly a taxpayer. But too many low-income people are not taxpayers, despite the forms they fill out and the papers they push around each year. In fact, they often pay negative income tax. The Earned Income Credit creates tax-recipients. A nice subsidy.
That’s okay by me. But we have a substantial number of people in this city who are net recipients of government-orchestrated wealth redistribution.
anonynous 2:47, you wrote:
“City Boy’s post MIGHT be relevant if any of the owners of the “un-affordable” housing in Atlantic Yards paying property taxes. But they won’t be.”
Wrong. NYC is one of those unfortunate city’s so desperately in need of tax revenue that we pay a NY CITY income tax on top of everything else. That tax is largely earmarked for raising funds for the public school system. In other words, the property tax that is the customary source of public-school funding is supplemented by the NYC Income Tax.
That means if the Property Tax Department doesn’t get you, the Income Tax People will stick their hands your pockets instead. If you do not enjoy a deduction for the payment of property taxes, the extra income you report will increase you NY City income tax. You’re trapped.
People who pay taxes in NYC, pay the highest rates in the country. It matters little which revenue-seeking government entity is peeling cash from their pockets.
There is virtually no escape from high taxes in NYC if you are are truly a taxpayer. But too many low-income people are not taxpayers, despite the forms they fill out and the papers they push around each year. In fact, they often pay negative income tax. The Earned Income Credit creates tax-recipients. A nice subsidy.
That’s okay by me. But we have a substantial number of people in this city who are net recipients of government-orchestrated wealth redistribution.
2:47 – Actually the owners of the market-rate housing will be paying taxes (much more then the owners and MTA pay now) – they will be paying RE Transfer taxes and Mortgage Recording taxes (both of which will be higher then if the property taxes weren’t abated) and they WILL pay abated (i.e. reduced) property taxes for 10 years and then FULL property taxes by 15yrs.
Brownstoner!!!!!!!
Seriously, what does it take for you to monitor some of these unbelievably ignorant and off-topic racist comments. This is despicable, and while I generally enjoy a free, unmonitored discussion on this site, the time does come when I believe you
should step in the maintain the integrity (and if not that, at
least try to make sure this doesn’t become a sounding boards
for obvious racists). Step up! You have been remarkably silent- especially considering I see you frequently jump in during other discussions. Unless you are ok with this blog fostering this sort of speech and hatred.
Yea, West Ireland. You are too funny. Ha. Ha. Ha. So funny. Ha. Ha. Ha.
D-O-N-E-D-E-A-L!!!
City Boy’s post MIGHT be relevant if any of the owners of the “un-affordable” housing in Atlantic Yards paying property taxes. But they won’t be.
as for Mr. “Donedeal”, what is that, a hamlet in West Ireland?
Yea, fake names, man. I’m sure that clinton hillbilly is on your birth certificate.
D-O-N-E-D-E-A-L!!!
Affordable housing can be built in a low-scale development – but it costs more, is more environmentally harmful and makes it less convenient for mass transit. Since we live in a world of limited resources it it is fair to say low density=less housing.
Additionally, I don’t know where you get the idea that ‘low-density’ affordable housing is some sort of panacea. Some of the most violent poverty ridden slums in this nation are ‘low density’ – heck South Central LA is mostly individual homes.
I think most people agree that mixed-income developments hold the most promise for ending slums and ghettos – guess what – AY is just such a project.
Love the cowardly racism under a fake name in blog commentary. The chilling part is that these are real people who we likely deal with on a daily basis. Bet they’re not so open with their opinions face to face.