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Thread: Newark Development

  1. #10021
    Senior Member
    Join Date
    Nov 2006
    Hell's Kitchen


    People don't care that much if low-income people are living in the same building as them. The problem is that it forces the developer to rent out apartments at rents that don't cover the construction financing and operational costs of the building. So most projects don't make financial sense anymore after you impose the 20% requirement. They need to cover the losses on the affordable units by increasing the rents on the market-rate units. But the rent levels that are needed to cover the losses are far above what most people are willing to pay in Newark. The other option to cover the losses is subsidizing with government tax credits (like they did for the Verizon/Bell tower was). But there's not enough subsidies to go around for all the projects.

    Inclusionary zoning isn't a path to wide-scale affordable housing. It actually raises market-rate rents by snuffing out projects that would've made sense. Most of the cities that have inclusionary zoning ordinances have really bad affordability problems and sky-high market rents that can cover the losses for the inclusionary units (NYC, SF, LA).

    How many buildings subject to the IZO actually been built since it was implemented in 2018? The telephone building doesn't count because it wasn't covered under the IZO, they just had some government subsidies that they used to add the affordable units.
    Last edited by Hamilton; August 24th, 2020 at 03:17 PM.

  2. #10022


    There is some activity on the site of the future Shaq Tower 2. A couple of pile drivers, a large boom lift and some tractors are on site. The upcoming tower is supposed to be 33 stories I believe and 370 apartments. I had a picture of the site and a much more detailed explanation but this website has gotten so glitchy with uploading images and saving messages. This is my 4th attempt and I'm just annoyed. No wonder no one is on here anymore.

  3. #10023


    any action at Shaq 2 or is the equipment just sititng there?

  4. #10024


    ^^I'll link to the reddit post (not sure whose who on here vs. there, but I know a lot of us migrated)

  5. #10025


    I wonder if the kickback scandal will slow things down
    Last edited by taxmanic; October 22nd, 2020 at 08:29 AM.

  6. #10026


    is Shaq 2 still proposed at 33 floors? 35?

  7. #10027

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