“At no cost to the city”. The office building is going to be developed by GFP Real Estate and in exchange for the 3,000 units for free market stuff, they have to make 25% of them available as affordable.
So this is a public-private partnership with strings attached. Hopefully it goes according to plan and/or the company is held accountable for any bullshit it pulls.
You know that the developer is going to be spending hundreds of thousands if not millions on lawyers to draft the deal. I hope the city’s lawyers are up to the challenge of spotting all their loopholes and neutralizing them.
This will end poorly, I guarantee that in 10 years a successor to Mamdani will alter the deal, screening over New Yorkers in favor of that developer. I hope he’s at least smart enough to not give them the land that the city owns.
Well, I hope your pessimism is wrong, but can’t dismiss it. The perils of public-private partnerships is a pretty legitimate worry.
I’m hoping they have enough leverage to have a good, enforceable deal and further hope that succossors will be too afraid of screwing up a popular program.
A city owned office building, why aren’t a majority of the units being made affordable?
“At no cost to the city”. The office building is going to be developed by GFP Real Estate and in exchange for the 3,000 units for free market stuff, they have to make 25% of them available as affordable.
So this is a public-private partnership with strings attached. Hopefully it goes according to plan and/or the company is held accountable for any bullshit it pulls.
You know that the developer is going to be spending hundreds of thousands if not millions on lawyers to draft the deal. I hope the city’s lawyers are up to the challenge of spotting all their loopholes and neutralizing them.
This will end poorly, I guarantee that in 10 years a successor to Mamdani will alter the deal, screening over New Yorkers in favor of that developer. I hope he’s at least smart enough to not give them the land that the city owns.
That’s still 1000 more people housed for 10 years!
Well, I hope your pessimism is wrong, but can’t dismiss it. The perils of public-private partnerships is a pretty legitimate worry.
I’m hoping they have enough leverage to have a good, enforceable deal and further hope that succossors will be too afraid of screwing up a popular program.
What units?