A first-of-its-kind deal to sell the air rights at a Fort Greene NYCHA development is nearing completion after months of negotiation.
The deal would transfer nearly 100,000 square feet of building rights from the Ingersoll Houses to a yet-to-be-built private development next door. In exchange, developers would provide nearly $25 million for maintenance at Ingersoll as part of NYCHA’s new long-term strategy to leverage private funds for the repair of its beleaguered housing stock.
— The Brooklyn Eagle
The deal will help a 183-unit mixed use development located next door to Brooklyn's Ingersoll Houses grow to 400 units in size. In exchange, the number of affordable housing units designed into the project will increase from 79 to 100, New York YIMBY reports.
The landmark deal is a preview of NYCHA's long-rumored plans to monetize unused development rights in exchange for funds that could help address unmet capital needs like maintenance and repairs.
The $25 million garnered through the deal, however, falls far short from the projected $300 million in repairs the Ingersoll Houses will require over the next decade.
This is why we need to elect reform-minded progressives with a commitment to the working class and public ownership.
The neoliberal establishment just keeps taking and taking more from us and giving it over to the private sector.
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late capitalism: selling air to condo developers
Late socialism: starvation and forced labor.
This is why we need to elect reform-minded progressives with a commitment to the working class and public ownership.
The neoliberal establishment just keeps taking and taking more from us and giving it over to the private sector.
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