Affordable Housing in Question at Domino
We’ve reported that the Domino Plan in Williamsburg guaranteed that 660 units, or 30 percent of the development, would be reserved for affordable housing. But the Domino Plan, to be voted on Thursday by the City Council, makes this agreement non-binding. The NY Post writes, “The zoning text will include standard language of the city’s…
We’ve reported that the Domino Plan in Williamsburg guaranteed that 660 units, or 30 percent of the development, would be reserved for affordable housing. But the Domino Plan, to be voted on Thursday by the City Council, makes this agreement non-binding. The NY Post writes, “The zoning text will include standard language of the city’s Inclusionary Zoning policy thus guaranteeing that only 20 percent of the units will be set aside for low- and moderate-income residents.” While the Domino project manager vowed to follow through with the full agreement, if Domino is sold to another developer the 30 percent affordability guarantee could be ignored.
City Set to Approve Domino Plan Without Guarantees [NY Post]
Domino Sugar Coverage [Brownstoner]
Thanks WBer – re Domino.
CPC is a financer, not a builder (CPCR is a for-profit builder, but they haven’t built all that much). If they’re never going to sell, why won’t they guarantee the affordable housing in a deed restriction (which is what they promised to do all along). This document basically says that if the city doesn’t come up with the subsidies to pay for the affordable housing, CPCR is off the hook. But feel free to share those dozens of documents, CPC has never been willing to do it.
As for the bands of income, the ownership units here are at what, 120%, 125% of AMI? And that’s for the initial buyer. I assume future buyers can have higher income (as in the city program, I assume Domino is the same, but CPCR was never very specific on the details, as we’re seeing now.) So that’s $90,000 for a family of four (at 120%). What does that work out to in terms of monthly housing payments? I bet mopar is right, the same family could get an unrestricted market-rate apartment not too far away for about the same price.
It’s still the case in Harlem, too.
These are developer giveaways that do not appear to increase the units of below-market-rate housing.
comparable
“Affordable means it fits into a band of income.”
What’s that supposed to mean? Yes, “affordable” apartments have income restrictions and sometimes a lottery. What I’m saying is you can buy a comperable market rate apartment with no restrictions for less. This is the case in Bushwick and Crown Heights. It may not be the case in Harlem.
all this is retarded, CPC will never sell, the have done more affordable than any bank in the world, and will do 30% count on it there are dozens of other documents involved in this transaction besides the one you quote
Mopar you have no idea what you are talking about. Affordable means it fits into a band of income.
If you want 400 dollar units like public housing, find free land and free construction and rents are still below operating costs for spaces NYCHA is subsidized operating basis –
if you want to build for the single mother transit conductor like in 125 court, or the nurse and mechanics who bought in fort greene houses, or the families with two 25k incomes – that we can do housing for poor is not being expanded here cause NO ONE has the money to do it, talk to Feds
wakey-wakey eggs and bakey
I have yet to see an “affordable” apartment selling for less than market rate. In fact, they are often more expensive than market rate. Is this really helping anyone except the developer, who gets tax breaks and other subsidies in exchange for building fauxfordable units?
Looks like the developer got the City to pay for a big chunk of the affordable housing, which means all those extra luxury condos are pure profit.
This is the second largest development in the borough, and like the largest, it will be built – it might not be for 10 or 20 years, and it might not be by this developer, but it will be built.