randomWalks

The City of New York wants to destroy our home and studios in order to push through The Cooper Square Urban Renewal Plan. This plan is a developer's dream. The City will sell as much vacant land as it can to a private developer in a 80%-20% tax-abatement deal that requires the developer to provide only 20% of all new construction as affordable housing units. 80% of the new construction will be market rate units.

This is a Lower East Side community that is low to moderate income and in desperate need of housing in that range. The tax-abatement is not forever. The affordable housing units will only retain that designation for the term of the abatement. That could range from only 12 to 20 years. After that, low income families will face sky- rocketing rents or buy out offers from the developer.

Save 295 Bowery.
The people behind this project are the same as those behind the Gallery Place project in D.C.
Other resources:
Gotham Gazette
Cooper Union Community Development Committee
Cooper Square Urban Renewal Area Study

originally posted by zagg