PUBLIC TESTIMONY
Testimony by Derek Marcus, Representative of TF Cornerstone on City of Yes for Housing Opportunity
3:08:48
·
97 sec
Derek Marcus, representing TF Cornerstone, provided testimony in support of the City of Yes proposal, emphasizing its potential to generate affordable housing. He highlighted how the proposal, particularly the UAP bonus and elimination of parking minimums, would enable the development of mixed-income rental projects instead of market-rate condominiums.
- TF Cornerstone has two large development sites that could create 1,400 units, including 350 affordable homes, if City of Yes is implemented.
- Without City of Yes, these sites would only be feasible for market-rate condominiums, which are unaffordable for most New Yorkers.
- Marcus stressed the need for zoning policies that incentivize mixed-income rental housing to address the city's housing crisis.
Derek Marcus
3:08:48
Good afternoon, and thank you for the opportunity to provide testimony in support of City of Yes.
3:08:55
My name is Derek Marcus, and I represent TF Cornerstone, a New York City based real estate developer owner and operator.
3:09:02
Since the early 19 eighties, our company has developed over 20,000 apartments across across the city, including 3000 affordable units, most of which are located in mixed income buildings that we continue to own and manage today.
3:09:16
I'm here to support City of Yes because I know firsthand how it'll generate affordable housing that we wouldn't get without it.
3:09:24
TF Cornerstone currently has 2 large development sites in our pipeline, 1 in Chelsea and the other in Greenpoint.
3:09:31
However, even with the recently enacted 45 x tax exemption, mixed income rental housing is not financially viable at these sites.
3:09:40
But with the city of yes proposal, especially the UAP bonus and the elimination of parking minimums, we would be able to move forward with these developments as mixed income rental projects, creating 1400 units, including 350 homes for low income new Yorkers.
3:09:58
Without City of Yes, the only feasible development at these sites is market rate condominiums, which are simply out of reach for the majority of New Yorkers.
3:10:08
The reality is straightforward.
3:10:09
We need zoning policies that incentivize and support the development of mixed income rental housing if we are to effectively address the city's housing crisis.
3:10:19
City of Yes offers that crucial opportunity to do that.
3:10:23
Thank you for your time and consideration.
