Category: Tax abatement

Month in Review, October, 2015: Part 2, The impossibility of stopping

6 November, 2015 (10:00) | Affordability, Affordable Housing, Air rights, Apartments, Blackstone, Boston, Boston Redevelopment Authority, Chapter 121A, Charlestown, Eminent domain, Land use, Month in review, PILOTs, Poverty deconcentration, Public housing, Real estate taxes, Redevelopment, Tax abatement, US News |

[Continued from yesterday’s Part 1.] By: David A. Smith Yesterday’s Part 1, retrospectively reorganizing October’s posts, all of which in one way or another concerned Boston, dealt with the obstacles that make (re)development appear psychologically impossible: guaranteed intense public opposition (often born of ignorance, some of experience); an agency that maintains a monopoly on approvals; […]

Month in Review, October, 2015: Part 1, The impossibility of starting

5 November, 2015 (10:00) | Affordability, Affordable Housing, Air rights, Apartments, Blackstone, Boston, Boston Redevelopment Authority, Chapter 121A, Charlestown, Eminent domain, Land use, Month in review, PILOTs, Poverty deconcentration, Public housing, Real estate taxes, Redevelopment, Tax abatement, US News |

By: David A. Smith Nine years ago, I formulated the production paradox: Whatever a developer wants to do, the neighbors will oppose – and it has, I now realize that it has a curious further consequence that I describe (badly) as the Paradox of Development Friction: The Paradox of Development Possibility Until development starts, starting […]

Stuy, stuy again? Part 5, The different future

4 November, 2015 (10:00) | Affordability, Air rights, Apartments, Blackstone, Capital markets, de Blasio, Investments J-51, Negotiation, New York City, Recapitalization, Regulation, Rent stabilization, Rental, Stuyvesant Town, Tax abatement, US News, Workforce housing |

[Continued from yesterday’s Part 4 and the preceding Part 1, Part 2, and Part 3] By: David A. Smith Not only does the story of Stuyvesant appear heading for a happy ending – at least for those still standing, such as the current mayor and the buyer Blackstone, if not for those bruised and battered […]

Stuy, stuy again? Part 4, The different prospects

3 November, 2015 (10:00) | Affordability, Air rights, Apartments, Blackstone, Capital markets, de Blasio, Investments J-51, Negotiation, New York City, Recapitalization, Regulation, Rent stabilization, Rental, Stuyvesant Town, Tax abatement, US News, Workforce housing |

[Continued from yesterday’s Part 3 and the preceding Part 1 and Part 2.] By: David A. Smith As we saw in the three preceding parts of this sage, Blackstone’s purchase of Stuyvesant Town from the post-foreclosure bondholders, and its simultaneous affordability restructuring agreement, was the logical (perhaps in hindsight inevitable) outcome of the property’s history […]

Stuy, stuy again? Part 3, The different players

2 November, 2015 (10:00) | Affordability, Air rights, Apartments, Blackstone, Capital markets, de Blasio, Investments J-51, Negotiation, New York City, Recapitalization, Regulation, Rent stabilization, Rental, Stuyvesant Town, Tax abatement, US News, Workforce housing |

[Continued from yesterday’s Part 2 and the preceding Part 1.] By: David A. Smith When MetLife (an insurance company that thought it was doing good in 1947 and paid the price for nearly six decades thereafter) sold Stuyvesant Town to Tishman-Speyer in 2006, the seller was ecstatic and the buyer was motivated – but then […]