Had the ESDC disclosed the terms of the Development Agreement that were being negotiated when the petitions were initially heard, or brought the Agreement to the court’s attention promptly after it was executed... the balance of the equities may have favored a stay..."
—New York State Supreme Court Justice Marcy Friedman*
On the last day of 2012, the New York Post reported that Governor Cuomo plans to reorganize the Empire State Development Corporation. An official from the Cuomo administration was quoted describing the agency as “disjointed, dysfunctional — and nobody really is sure on the inside who is responsible for what.’’
Many who have followed ESDC’s role in the Atlantic Yards project certainly share that assessment. Instead of providing the type of oversight that would ensure the delivery of jobs and affordable housing promised to justify the massive public aid, zoning overrides, and access to eminent domain the project has received, ESDC has allowed itself to be used as a shield by Forest City Ratner behind which the developer avoids both scrutiny for its actions and accountability for its commitments.
Following the groundbreaking for the first residential tower at its Atlantic Yards project, community organizations expressed outrage over Forest City Ratner Companies’ (FCRC) intention to use New York City Housing Development Corporation bonds to subsidize apartments too small for working families, and too expensive for the majority of Brooklynites. .
The plans for B2, as the first residential building is known, include 363 apartments, approximately half of which are described as “affordable.” However, of the “affordable” apartments, only 35 are two-bedroom units suitable for families, and only 9 of those are intended to be affordable to families earning the median income for Brooklyn which is just over $43,000 for a family of four. More than half of the two-bedroom “affordable” apartments are intended to be marketed to families earning more than $100,000 annually.
BROOKLYN, NY—On the day of the opening of Barclays Center, a coalition of community organizations today joined in a protest of Atlantic Yards’ failure to deliver on the promises of local jobs and affordable housing used to win approval for the $5 billion project, and called on Governor Andrew Cuomo and the State of New York to present a new plan for the site that prioritizes public benefits over the development of luxury housing.