Sunday, October 12, 2014

BP Adams's agenda: more 50/30/20 housing (but devil is in the details)

The Real Deal reported 10/1/14, in Borough presidents’ big real estate agendas: A look at the five beeps varying development and land use plans:
For Brooklyn Borough President Eric Adams, one goal sticks out among the others: creating more affordable and middle-income housing. And if you ask him, Brooklyn is just the place to build it.
To achieve that goal, Adams is hoping to upzone multiple areas in the borough — such as the swath around Broadway Junction on Nostrand Avenue on the border of Bedford-Stuyvesant and East New York, as well as parts of Flatbush — to allow for more residential development.
He also backs de Blasio’s mandatory inclusionary zoning policy that would require developers to include affordable housing in projects that need zoning approvals....
While Adams is a staunch supporter of de Blasio’s housing policy, he told TRD he’d prefer to see the existing 80-20 market rate-to-affordable housing ratio tweaked by adding a middle-income housing component to the equation. “My ratio,” he said, “is 50-30-20. That’s my goal.” (In that plan, 50 percent of the units would be market-rate, 30 percent middle-income and 20 percent affordable.)
As a commenter pointed out, Nostrand Avenue (home of The Junction) has nothing to do with Broadway Junction.

The 50/30/20 template is that set for the 4500 Atlantic Yards/Pacific Park rentals--not the overall housing, which adds 1930 condos--so perhaps we'll see it being used by Adams as an example.

Then again, the devil is in the details, since many of those rentals--especially those in the next two buildings--will be way out of reach of the Brooklynites who rallied for Atlantic Yards.

Half the subsidized units in those next two towers will be designated for households who'd pay nearly $3,000 for a two-bedroom unit and commensurate rates for smaller units.

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