Is Affordable Housing Gentrifying Brooklyn?

domino2 2 Is Affordable Housing Gentrifying Brooklyn?Is the city’s public-private affordable housing model—the Community Preservation Corp., a group of 70 banks and insurance companies, in particular—expediting Brooklyn’s gentrification?

The Gotham Gazette seems to think so. The Gazette investigated the city’s publicly available property transaction records and found that since 2007, 65 percent of the $701 million invested in Brooklyn went to luxury development and that the CPC, which gets subsidies from the city as well as profits on luxury development, has focused its affordable housing developments in places like East New York, where, according to the Gazette, almost half of adults over 16 years of age have dropped out of the labor force and the median household income hovers around $25,000. Not to mention the crime.

This fact is being obscured because the New Domino, the always contentious former-sugar-factory-come-massive-housing-development on Williamsburg’s waterfront being developed by the CPC, is going to have 100 percent of its affordable housing within the development. What’s more, to further placate the affordable housing-niks, the CPC signed what essentially amounts to a non-binding promise to keep 30 percent of the properties below market rates, with the minimum at 20 percent. Well, that and the positive PR the CPC enjoys throughout the borough—the Gazette points to several Brooklyn community development corporations and Catholic organizations that stepped up to the plate for the CPC at meetings in August.

This should lead to an even more interesting discussion as current rent regulation, already embroiled in a heated political battle, is set to expire in June.

mcoyne@observer.com

Comments

  1. I do not know anything about percentages and data, but I do know that it doesn’t make sense making all these “affordable housing” around neighborhoods where the income doesn’t surpass the 40k annual income. I’m a young student with an income below 25k per year. That may be irrelevant  but to my young eyes, there should be affordable buildings  not affordable buildings to the rich which is like 400k-or-something. Who on earth with a low income will afford all that money? Seems really insane. 

    The working class doesn’t need condos, I just think that all this “affordable condos” is irrelevant to the needs of the majority of the people. If these luxurious expensive houses keep coming up all over the city, this will push the majority of the people to live under extremely poorer conditions, in the name of cheaper expenses. Not to mention, there probably will be an insane amount of illegal converted apartments, imagine all the risks people will undergo just because the city in the name of profit chooses condos over the people’s need for cheaper apartments.

    I’m actually an Urban explorer, I like to explore the city and I’ve seen a lot of changes occurring in the city. Now take the “L” train to Morgan avenue, as you walk around the neighborhoods you will see many factories converted into apartments. Isn’t this implying that people are in need of affordable housing if they are converting factories into living spaces? If you explore neighborhoods that had an infamous reputation of drugs and high crimes, you will see more and more new residents appearing…why? In the name of affordable living which means cheaper expenses. People are risking themselves, normally they wouldn’t live in dangerous neighborhoods but the result of expensive living appearing everywhere, pushes them to find ways of affording an apartment to live. Amen to BP by the way!