Q&A
Rationale for requesting workforce housing option
0:24:11
·
89 sec
Council Member Kevin Riley questions why the developer is requesting workforce housing now when it wasn't proposed during earlier stages of the ULURP process. David Rosenberg explains the reasons for this change.
- The original 475-unit proposal worked with MIH Option 1, providing a mix of affordable units at different AMI levels
- The City Planning Commission's reduction from R8A to R70 decreased density by 25%, significantly impacting the project's viability
- Workforce housing is now necessary to make the project financially feasible with the reduced density
Kevin Riley
0:24:11
Well, first, I need you to present evidence that you are the full head of hair when this project was happening before we could approve anything.
0:24:20
But going into the workforce housing, why are you requesting workforce 1000 now when it wasn't proposed during the earlier stages of this Eula project.
David Rosenberg
0:24:29
So at the earlier stages with 475 units, we looked at NIH option while we looked at the demographics for the area of the income numbers and that NIH option 1 allowed us a good mix of both having affordable units at 40% AMI, a little bit.
0:24:47
Right?
0:24:48
Still, I believe, the mix was at some at 80 percent AMI or a 100, and then some of it at workforce at 130 percent AMI, which would also meet the goals for us here, which is also that the unions that are built investing in this project, the building should be able to have their members eligible for the housing.
0:25:03
That mix worked with NYH option 1, which is why we and it penciled out with 475 units at R8A density.
0:25:12
City planning commissions reduction from R8A to R70 reduced the density by 25%.
0:25:18
Which is a and that's 25% purely at the unit count, not in terms of the value of units.
0:25:26
Bringing down a 14 story building into a 10 story building has a tremendous impact on the value where MH option 1 just simply it's not that we don't want to do it.
0:25:34
We still think that that kind of housing is important, but it just does not work at this project anymore.
