Thursday, August 14, 2014

What could possibly go wrong?

“In mid August of 2013, the developer Extell applied for the benefits of New York City’s Inclusionary Housing Program with its 40 Riverside Boulevard residential tower, part of a residential development stretching from West 61st to 72nd Street in Manhattan. 40 Riverside is 33 stories, with 219 market-rate condominiums and 55 affordable rental units. New York City’s Inclusionary Housing program, began in 1987, provides developers who voluntarily build permanent affordable units with increased square footage (also known as FAR). These units are available to those who make 60% of the Area Median Income and have reduced rent rates, such as two-bedroom for $1,099. So, while developers may receive less rent from certain apartments, a building with 20% affordable units receives a 33% more square footage.”

Well, a “poor door” was included in the design. A special entrance for the “mixed income” segment, and it’s not that unusual in NYC.   Now they’re (don’t know who “they” are) trying to discover who is responsible for this defacto segregation by income. $1100 a month is cheap for NYC, but doesn’t sound like homeless, unless the occupants also have other transfer type payments.

This is a city regulation that allows it, but you can bet the politicians are scrambling to blaming someone, anyone else.

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