T
he Fair Share Act, introduced by Council member Kevin Riley, has sparked concerns that it could decimate the city's affordable housing programs. The bill would mandate prevailing wages for construction projects, significantly increasing costs and potentially making developments unfeasible. This is particularly concerning given that building affordable units already costs around $700,000 per unit.
Council members seem to understand this issue, yet they still want to increase low-rent units. It appears that supporters of the bill are more interested in placating the union behind it than actually advancing affordable housing projects. By letting the Council speaker control legislation, members can express support for the bill without risking its passage. This is a classic example of politics.
The Fair Share Act has been introduced before and failed to pass, but this doesn't seem to deter supporters. The bill's sponsors likely know it won't become law, allowing them to have their cake and eat it too. This disingenuous approach is a common tactic in politics.
In other news, the Long Island Business Association is surveying developers about their investments elsewhere, with the goal of making Long Island more attractive to builders. One suggestion for local officials: stop rejecting projects that were initially encouraged and start zoning for apartment buildings near LIRR stations, as Mineola has done successfully.
Nationwide, billion-dollar disasters have increased nearly sixfold since the 1980s, largely due to global warming and an increase in valuable property. Alicia Glen, a prominent developer, noted that despite her credentials, she struggled to raise money when launching her firm, while her male counterparts could easily secure funding.
Residential sales include a $37.5 million deal for units at 907 Fifth Avenue, while the most expensive commercial closing was $73 million for four properties in Chelsea. A new townhouse listing hit the market for $12.5 million, and Alloy Development filed plans for a massive mixed-use building in Downtown Brooklyn.
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