Municipal Government Colluding with Developers to Help Poor

danaeo · February 2006

In today's NYT's - Bloomberg is trying to change the way that tax credits are used in order to ensure housing for middle and low-income residents.

http://www.nytimes.com/2006/02/24/nyregion/24housing.html

crustythor · February 2006

The move implicitly acknowledges that in the current market, tax incentives may be needed less to get developers simply to build apartments than to build apartments New Yorkers can afford.

Isn't that what Stuart, in the other thread, was saying?

friendlypitbull · February 2006

No he was saying the opposite - that the Govt wanted to subsidize luxury developments to keep poor people out.

Bloombergs proposal would actually use tax breaks to build only affordable housing.

crustythor · February 2006

right, that's the PROPOSAL, to change the way that it CURRENTLY is - the part that's being "implicitly acknowledged" in the times story and the point that Stuart was making.

friendlypitbull · February 2006

Well since Stuart said it was a collusion by City Govt it would seem strange that City Govt would propose changing the tax breaks -

this is all about market conditions changing years ago when these tax breaks were instituted no one was building anything in NYC because the taxes etc.. made it economically infiesable- so to spur development the city gave breaks across the board; then when the prices in Manhattan reached a point where development could be profitable w/o the breaks-the tax breaks were ended and now the same discussion is taking place for the outer boros - no conspiracy just sound policy (albeit a bit late in reflecting the prices of new housing in Brooklyn - but its Govt how fast do you expect them to work)

Municipal Government Colluding with Developers to Help Poor

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