Q&A
Consequences if workforce housing option is not approved
0:25:40
·
102 sec
Council Member Kevin Riley inquires about the consequences if the council does not map the workforce housing option. The developers explain the potential outcomes and reasons for their position.
- If workforce housing is not approved, the developers would likely withdraw the application
- The project would not be financially viable with the current restrictions and without workforce housing
- Withdrawing the application could lead to an as-of-right development with potentially greater impacts on the Brooklyn Botanic Garden
- The developers emphasize that they are only requesting workforce housing because it's necessary for project financing
Kevin Riley
0:25:40
What happens if the council does not map the workforce a housing option?
David Rosenberg
0:25:44
Then we would likely then proceed to withdraw the application.
0:25:48
Because we would not be able to afford having the other restrictions that have been codified as part of this that would be stuck with the property as part of any rezoning, whether it's our 7d or 7a or anything else.
0:26:01
It just would not work, so we would have to withdraw the application before there's a vote and then proceed on an as of right basis.
0:26:07
In the as of right basis, as was brought up at the city planning commission hearings, today as of right, Under today's zoning, there is a scenario, admittedly not the most likely scenario, but in the realm of possibilities that would have a significantly greater impact on the Brooklyn Botanic garden than the application that's now in front of the city council.
0:26:29
And that impact expands by magnitudes if city of yes for housing opportunity is adopted where the impacts get even more significant on an as of right basis with R6A.
0:26:42
The R Seventy through this rezoning and particularly with the sloping plane that we're proposing as a text amendment provides unprecedented protection for the garden and is only possible if the rezoning moves forward.
William Wallace IV
0:26:53
And just wanna reiterate, Mister Chairman, We're only doing this because if we have to, because we simply can't finance it.
0:27:00
There is not anyone traditional lender in the current capital markets that would give us the financing terms that the pension fund is giving us a large part because these are the members contributions.
0:27:12
So if we are further reduced and we're remain where we all without the workforce housing option, as David said, we have to withdraw.
0:27:19
Not because we don't want to, because we have to.
