Thursday, November 13, 2014

Astoria Cove: Mayor gets better deal

Mayor de Blasio and the City Council's Land Use Committee have won a better deal (see NY Times article) for
Astoria Cove in Queens:  

  • 27% of the apartments (instead of 20%) will be affordable.
  • Most of the affordable apartments will rent to people making no more than 80% of the area median income* with some as low as $800/month
  • A ferry dock will be built since the project is a mile from the nearest subway
  • Union members will build, maintain and service the project. 
*  Area Median Income (AMI) The area median income for New York City in 2013 was $63,000 for a family of four.   But in the Astoria Cove area, the median income is $56,000.  (To get the median, line up all the incomes, highest to lowest.  The one that is halfway down is the median.)

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