NYC Atlantic Yards Skips Penalties Over Housing Delays
Affordable Housing Delays and Penalties Waiver Although announced over two decades ago, the Atlantic Yards/Pacific Park project in Brooklyn remains a looming symbol of chronic delays that thwart New York City's affordable housing ambitions. Initially, the project promised a transformative urban development, including a significant affordable housing component aimed at easing Brooklyn's housing crisis. However, the vision continues to be mired in setbacks. This has left the community without the anticipated 2,250 affordable units out of a total of 6,430. The initial agreement, established in 2014, aimed to deliver hundreds of these units by May 31, 2025. As the deadline approaches, 876 affordable units remain unbuilt. This absence casts doubt on meeting obligations without incurring penalties. Yet, Empire State Development, the state's economic development arm, has opted to waive the $2,000 monthly penalties traditionally levied for each unbuilt unit. The rationale behind th...