Yesterday, it was widely reported that Related Companies agreed to abide by the living-wage law and pay the future employees of Hudson Yards at least $11.75 an hour, but another, equally important, part of that agreement was overlooked. The Journal reports that as part of the new deal, Related agreed to make its 139-unit building planned for 539 West 29th Street entirely affordable. The original plan was for 20 percent of the units to be offered as affordable, and Related was seeking additional subsidies to be able to make the whole thing available for low-come families. But now, whether or not those subsidies come through, every unit will be below market rate.
Artists, seniors, and low-income families living in the community will be given preference for the units, which will be permanently affordable. Most affordable buildings constructed with government subsidies can revert to market rate after a certain number of years. The news is a big boost for Mayor de Blasio's housing plan, which has come under fire recently for not yet being finalize. Just this week, the Department of Housing Preservation and Development Commissioner Vicki Been said she was "behind" on her work because she didn't yet have a set plan from the mayor.
· Related Cos. Agreeing to Make W. 29th Street Building Affordable [WSJ]
· 539 West 29th Street coverage [Curbed]
· Hudson Yards coverage [Curbed]