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tel/fax: 718.362.4784
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121 5th Avenue, PMB #150
Brooklyn, New York 11217
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The Ratner Clause
We tried to simplify
the 421-a Ratner-clause, but didn't make it as simple as NoLandGrab does
for us here:
Atlantic
Yards Special Legislation for Dummies:
1. Bruce Ratner will receive tax-exemption for the entire project, not just
the buildings with "affordable" units.
2. Units to be rented to households whose income is 70%, instead of 60%, of
the Area Median Income would be included in order to qualify the project for
the tax exemption, so that Bruce's current plans to reap larger profits than
other developers at the taxpayers' expense would not change.
Or even simpler(!) here:
...the Ratner market-rate condo exception means less public benefit and more money
for Ratner. We add, for clarification: with the special Ratner-clause condo buyers at Atlantic Yards, if it is ever built, will not pay any property taxes and therefore Ratner can charge more for the units.
Posted: 6.22.07
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