|
...decades inaction, promises, misappropriation a near-detour to the West Side redevelopment money pit, Mayor Bloomberg and Comptroller William Thompson struck an agreement to use $130 million in Battery Park City revenues to create a new fund subsidizing affordable housing. Thus begins the process of fulfilling a pledge first made in the 1960s and codified in the 1980s: The lower Manhattan project would generate low-cost as well as luxury homes.
Members of community and citywide housing organizations cheered the mayor, exclaimed "Hallelujah," and thrust a baby into Bloomberg's arms. This was the fun part. What preceded the celebration was more than a year of careful organizing work, election-season strategizing and a lot of luck. And the work is far from over.
The money was there all along. In 1989, New York City and the state-controlled Battery Park City Authority reached an agreement: The authority, which leases the site from the city, would give the city $600 million in its revenues--money paid by major tenants...
NOTE: All illustrations and photos
have been removed from this article.
More articles from City Limits
Q & A: can the South Bronx be a new beacon of growth? Local developmen..., July 01, 2005
Ending workfare as we know it? After eight years on welfare, Benita An..., July 01, 2005
Beyond Bloomberg's stadium infatuation: an economic development plan f..., July 01, 2005
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
%20%20&position=1)