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Give Us a Break!
What will reform-minded Governor Spitzer do with this bill? We say he should veto it until the inexcusable exclusive gift clause to Bruce Ratner is excised, or he should negotiate it out of the bill.

We're going to try to simplify, what is not so simple:
The 1,700 to 1,900 market rate condos Bruce Ratner intends to build in his Atlantic Yards project will pay no property taxes. This could lead to a loss of somewhere between $100 million to $190 million in tax revenue for New York City, while enabling the developer to sell his units at higher prices because buyers won't have to pay taxes. Bruce Ratner is the only developer in the newly described 421-a zones in the City to receive this huge benefit. Why? There is no answer--not from us, not from the developer and not from the Assemblymembers who wrote a special clause for Bruce Ratner into their reform bill.

The Assembly passed a bill reforming the 36-year old 421-a property tax break. No longer will developers building new construction receive tax breaks when they build all market rate buildings. Now they must provide 20% of the units at "affordable" rates in each building, based on a cap set at 60% of Area Median Income (AMI). AMI for New York City is about $71,000 for a family of four (AMI for Brooklyn is about $35,000).

But Bruce Ratner gets a special deal written in clause 13 of the bill. For his Atlantic Yards project, he gets the tax break for his market rate condos. No other developer in the 421-a "Geographic Exception Areas" (which include Central Brooklyn where the project is proposed) will receive tax breaks if they build all market rate. Forest City Ratner gets special treatment to the extent where they only have to provide 20% affordability across the whole project, not in each building, and their AMI can be an average of 70%, rather than a cap of 60%. Ratner can then receive tax exemptions for all of his non-affordable buildings.

Again, we ask, why? All we know is that Forest City Ratner spent more on lobbying this past year than any other developer in the state.
Posted: 6.21.07
What would Atlantic Yards Look like?...
Photo Simulations
Before and After views from around the project footprint revealing the massive scale of the proposed luxury apartment and sports complex.
Eminent Domain Lawsuit
Goldstein et al v.
Pataki et al

Click for all briefs and info on the federal lawsuit alleging that eminent domain for "Atlantic Yards" violates the U.S. Constitution.

Status Report.
DDDB comments on the June 6th decsion and coming appeal.

Click for in-depth coverage of the March 30th court hearing

"Atlantic Yards" cannot be built if plaintiffs win this suit.
[See ownership map]
EIS Lawsuit
DDDB et al v ESDC et al
Click for a summary of the lawsuit seeking to annul the review and approval of "Atlantic Yards" by the ESDC, PACB and MTA.

Click for in-depth coverage of the May 3rd court arguments.

Click for
Screening Schedule
of
Isabel Hill's
"Atlantic Yards" documentary
Brooklyn Matters


Read a review
-----------------------
Atlantic Yards
would be
Instant
Gentrification
Click image to see why:

Click here
to order DDDB tshirts. They cost $20 and all funds go to our legal campaign, shirts come in black, red, gold and pink tanktops.


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