The City of New York wants to build 5,000 new homes down in Long Island City, on the Queens waterfront, priced to be affordable to the middle-class (defined as household income between $65,000 – $145,000).

So, they did the logical thing – they decided to give the New York real estate board the land, for free, to develop it. And the board, known as REBNY, has agreed to build and market the properties – with zero profit.

What, what?

I’m giving you the barest minimum of information about what went down, but even if you read all about it, you’ll end up thinking the same thing – is this a crazy idea, or what?

A public-private cooperative agreement to development homes for the general public, at no cost to the city and with no discernible benefit to the developers.

That’s some messed up shit going down.

Complete story: Plan for Middle-Class Homes on Queens Bank of East River Prompts Ideas and Protest – By Charles V Bagli, The New York Times

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Updated:  1st Q 2018

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