CityRealty Insider > New Developments in the News

New Developments in the News

DECEMBER 21, 2009

City Council cites low wages in Bronx mall project no vote, approves west yards plan; Housing Authority finds private funding for public housing in stimulus loophole

Though Mayor Michael R. Bloomberg has called it a missed opportunity to bring jobs and private investment to The Bronx, the City Council voted 45 to 1 to block planned redevelopment of the Kingsbridge Armory by The Related Companies. The opposition came from Bronx Borough President Ruben Diaz Jr. as well as community groups and labor organizations who wanted the developer to guarantee that workers on the project would make a minimum of $11.50 an hour.

The New York City Housing Authority plans to federalize 21 housing complexes that receive no federal subsidies through a little-known provision in the economic stimulus package Congress passed earlier this year. Senator Charles E. Schumer and City Council Speaker Christine C. Quinn have expressed support for the plan, which allows private banks to have an ownership stake in the city’s public housing. Incentive for banks is likely to come from proceeds on the bonds and tax benefits as well as giving them a way to earn credits under a federal program requiring lenders to support low-income neighborhoods.

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An equal housing opportunity

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