Home » Real Estate » New York City Mayor Announces Middle Income Development Project in Long Island City

New York City Mayor Announces Middle Income Development Project in Long Island City

Long_island_cityAfter the sale of Peter Cooper and Stuyvesant Town this past week, housing advocates have been upset over the loss of middle income housing in New York City. The mayor has responded to these concerns by buying a 24 acre property across the East River for middle income (between 60–145K) housing. The properties rent will be subsidized by the city and provide 5,000 new housing units.

Got to wonder if the economics of New York City are completely out of whack when the city will subsidize housing on those earning 12,000 a month? My feeling is there will be a clause added very quietly that will give preference to those who work in a a unionized position in the city such as teachers, police, and fire rescue. The odds of an average Joe getting one of these apartments has got to be nill.

Mayor Bloomberg announced yesterday that the city is purchasing the swath of Long Island City land, which sits across the river from the United Nations, from the Port Authority for $146 million.
The site is the spot on which the city had proposed building an Olympic Village before it lost the bid for the 2012 games.
The mayor called the deal a “landmark moment in affordable housing” and said it would ensure that there is a place for middle-income New Yorkers in the increasingly expensive city housing market.
He said the project would “provide much-needed housing for the real backbones of our city — our teachers, our nurses, our police officers and firefighters, and thousands of other hard-working middle-class New Yorkers.”
The project’s tentative blueprint calls for up to 5,000 units of housing for families earning between $60,000 and $145,000 a year. It is part of the Bloomberg administration’s larger, $7.5 billion plan to create or preserve 165,000 units of so-called affordable housing citywide. The rents are expected to be between $1,200 and $2,500 a month, and the site will also include shops and parks. via The New York Sun

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