The city's plans for a massive development on Queens West that may or may not one day be called Hunter's Point South is bound to ruffle a few feathers, and ruffle, it has. The project has already taken heat for its 60% middle-income housing, 40% market-rate makeup, and now it's taking more. The Daily News wades into the battle today, explaining that the "creative financing" the city would use involves establishing a non-profit and tapping into federal tax-exempt bonds to pay developers, instead of using its own limited supply of tax-exempt municipal bonds. The city claims it needs the federal aid to make Hunter's Point South work, but the scheme also conveniently allows our leaders to avoid that pesky rule that accompanies funding with municipal bonds, where 20% of housing must be reserved for low-income families. Got that? If not, a critic of the project sums it up: "The whole idea of the [affordability] requirement is that you shouldn't be able to use tax dollars to build a luxury building in the middle of the city." Isn't that adorable? He thinks Queens West is the "middle of the city." Hey, remember when this whole thing was going to be a beach for Ukrainian bodybuilders? That would've been something!
· Project's financing plan ripped for lack of affordable housing in Queens West [NYDN]
· Hunter's Point South Plan Called 'Archie Bunker Vision' [Curbed]
· New Name, New Plan for QueensWest South [Curbed]