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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.
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.