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News
Atlantic Yards Gets Special Treatment on Tax Abatement
by Cindy Rodriguez
NEW YORK, NY June 22, 2007 —The state assembly has passed a bill that would give the controversial Atlantic Yards project special treatment. WNYC's Cindy Rodriguez reports.
REPORTER: The move is a small part of a proposed law that will require more developers to build affordable housing in exchange for tax breaks. The bill carves out an exception allowing Forest City Ratner - the Atlantic Yards developer to get a tax abatement not just on rental buildings with affordable apartments but also on 1,900 market rate condos.
REPORTER: The project also would be allowed to charge more for affordable units than other developments. Housing advocate Brad Lander calls this a side deal that will cost taxpayers $100 million.
VOverall, about 30% of the Atlantic yards project will be affordable. Developer Bruce Ratner says it will provide desperately needed housing for low and middle income families. For WNYC, I’m Cindy Rodriguez.