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The article doesn't link to it but here is the relevant info from Housing and Preservation: http://www1.nyc.gov/site/hpd/developers/tax-incentives-421a.page htt
by ics 11y ago
The article doesn't link to it but here is the relevant info from Housing and Preservation: http://www1.nyc.gov/site/hpd/developers/tax-incentives-421a.page http://www1.nyc.gov/site/hpd/developers/tax-incentives-421a....
For a bit of NYC history, back in the '60s POPS (Privately Owned Public Space) came into being as part of the new zoning laws. They gave higher density allowance to commercial properties which provided public space, leading to many of the plazas one may be familiar with today in the city. Of course, architects, sociologists, and others have observed that many facilities provided under the program failed to attain what I'll just call an inviting atmosphere; that is, whether deliberately or not, many so-called public plazas and parks were designed out of the normal flow of things so that many simply didn't know that they existed. Part of the requirement is to have a clear sign indicating that the space is public, though many are obscured, unmaintained by plants, grime, or columns.
These kinds of initiatives (tax breaks for social benefit) have supporters from all areas and so as time goes on it's interesting to see them put to the test and be continuously improved– or at least worked on.
- bradleyjg 11y ago> These kinds of initiatives (tax breaks for social benefit) have supporters from all areas In general they are bad ideas. The city ends up forgoing more in tax revenue than the public benefits from the in-kind concession. And even if the benefits were equal, you should still prefer the cash because it is more optionality. Let the buildings pay their full property taxes and then if the city wants public spaces it can take some of that tax money and build parks. The same thing with affordable housing, if it is really so crucial that there be low income people living in multi-million dollar apartments in the west 60s, let the city take some of the full tax revenue it gets from the billionaires living there and rent or buy apartments for low income families. Cash is king.