New York City’s new mayor, Bill de Blasio, has called himself a “pro-development progressive.” Now real estate interests who spent nearly $790,000 to get him elected are eager to find out how, exactly, that will translate into public policy.

De Blasio made a campaign promise to build or preserve 200,000 units of affordable housing by requiring that developers set aside a portion of their projects for affordable units when new zoning is approved.

“The private sector is anxious to help the city do this, but if they’re going to do it in the red, then they’re not going to do it,” Steven Spinola, president of the Real Estate Board of New York, tells the New York Daily News.

De Blasio has been a cheerleader for a taxpayer-subsidized sports arena in Brooklyn, Atlantic Yards, that was supposed to include 2,250 units of affordable housing — none of which has been built. Developer Forest City Ratner, which raised $73,000 for de Blasio’s mayoral campaign, has received $760 million in tax breaks on the project. Source: nydailynews.com

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription