September 11 Digital Archive

Many criticize Pataki for use of Liberty Bonds

Title

Many criticize Pataki for use of Liberty Bonds

Source

born-digital

Media Type

article

Original Name

Good Jobs New York, a watchdog organization, criticized Gov. George Patakis decision to use the mone

Created by Author

yes

Described by Author

no

Date Entered

2002-08-09

VTMBH Article: Edition

30

VTMBH Article: Article Order

2

VTMBH Article: Title

Many criticize Pataki for use of Liberty Bonds

VTMBH Article: Author

María del Carmen Amado

VTMBH Article: Publication

Hoy

VTMBH Article: Original Language

Spanish

VTMBH Article: Translator

Jonathan Charnay

VTMBH Article: Section

news

VTMBH Article: Blurb

Good Jobs New York, a watchdog organization, criticized Gov. George Patakis decision to use the money from Liberty Bonds to construct luxury apartments in lower Manhattan, ignoring the needs of poor people.

VTMBH Article: Keywords

VTMBH Article: Body

An organization that tracks city finance voiced their disapproval of Gov. George Patakis decision to use the money from Liberty Bonds to construct luxury apartments in lower Manhattan, ignoring the needs of poor people.

Congress authorized Liberty Bonds in response to the September 11th attacks; these bonds are worth $8 billion, tax exempt, for rebuilding the city. A fund equivalent to $1.6 million was divided equally between the governor and Mayor Bloomberg ($800 million each) to finance housing projects. Instead, the governor chose to build 840 high-rent apartments with an investment of $340 million, said Karina Sapunar, a spokesperson for Good Jobs New York, a non-profit watchdog group. Two of the buildings will be located in Battery Park City and one in the Financial District. Ninety-five percent of the units will be rented at market price. According to Good Jobs New York, a studio apartment will rent for up to $2,062, while a three-bedroom apartment will cost $6,267 per month. Five percent of the units in each building may be offered at subsidized prices.

However, the cost will still be prohibitive for residents with a medium or low income, Sapunar said. These apartments will be assigned to four-person families with an annual income of $94,000. Gathered by Good Jobs New York and its sponsored project Reconstruction Watch, activists called upon all New York City organizations to ask the governor and the New York State Housing Finance Agency to reconsider these projects and build, affordable housing for low income families in Lower Manhattan instead.

Were part of the Liberty Bond Coalition so the governor can hear our proposal and decide to use the $470 million extra from the bonds in an equitable way that benefits the poor, said Sapurnar. Good Jobs New York was present at all the public hearings, fighting for the construction of apartments for low-income families, but we were not heard.

VTMBH Article: Line Breaks

1

VTMBH Article: Date

2002-08-09

VTMBH Article: Thumb

VTMBH Article: Article File

VTMBH Article: Hit Count

79

Citation

“Many criticize Pataki for use of Liberty Bonds,” September 11 Digital Archive, accessed November 8, 2024, https://911digitalarchive.org/items/show/1453.