New mayor Bill de Blasio has talked a big game about extracting the maximum amount of affordable housing from developers who need zoning changes, and he may be making his stand with Two Trees' Domino project on the Williamsburg waterfront, the Times reports.
Although developer Jed Walentas has already promised more subsidized housing—660 units out of 2,300—than he is technically required to, at meetings this week the city demanded that an additional 50,000 square feet be dedicated affordable. That extra space could translate to more apartments, or to bigger apartments that could accommodate larger families (the latter is what the city says it wants). Walentas is, reportedly, pretty unhappy with this new development and is even threatening to revert back to the unpopular old Domino plan, which only included 440 affordable units. The two sides need to reach an agreement before Wednesday, when the City Planning Commission is set to vote on the project. In the meantime, New York City's real estate industry and affordable housing advocates alike wait with bated breath to see who will emerge victorious from a standoff that could shape developers' relationship with the city for years to come.
UPDATE: Looks like Two Trees blinked first. The developer has offered to alter its application to the City Planning Commission and commit to at least 500,000 square feet of affordable housing. The current applications seeks an exemption that would allow them to build a minimum of 430,000 square feet.
· Plan to Redevelop Brooklyn Sugar Factory Hits Snag: De Blasio [NYT]
· Domino coverage [Curbed]
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