What an embrace of Long Island City! The city announced that it will buy waterfront property in Long Island City to build up to 5,000 units of affordable housing for families. The city is paying the Port Authority a total of $146 million for the 24 acres - $100 million for the property and $46 million for "remaining obligations" to the site. From the press relase:
Mayor Bloomberg: "Middle-income families are facing housing affordability challenges as a result of New York's success, and we have to make strategic, long-term investments to ensure that New Yorkers of all incomes can work and live in our City. This development will build on New York's grand tradition of major middle-income communities, but updated for the 21st century. We will work quickly to turn this into homes for thousands of teachers, police officers, firefighters, nurses and other moderate- and middle-income New Yorkers. I want to thank the Port Authority for its continued collaboration and support."Continue reading "LIC: From Olympic Village to Affordable City Housing"


