So now that the guidelines for the long-dormant Seward Park Uraban Renewal Area (SPURA) have been approved (you can check them out below), what will the roughly 1,000 new apartments bring to area? A whole lot of rich people, according to some calculations from Open City.
While half of the new units planned for SPURA are being set aside for those whose incomes are variations of middle- and low-income, the other half have no such income cap. Which means "the lion’s share of new apartments—the market rate units—will be affordable only to a tiny fraction of the current residents of Chinatown and the Lower East Side."
Somehow we have a hunch that Sheldon Silver, who represents the area in Albany, is not going to be upset by this information.
