Home Building Project in Brooklyn New York Times, Oct. 6, 2000 © Joachim Busse, 2000.

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Presentation transcript:

Home Building Project in Brooklyn New York Times, Oct. 6, 2000 © Joachim Busse, 2000

Key facts Project came to a halt in 1984, because developer went bankrupt Housing project of 54 one-family homes started in 1982 June this year, New York City’s Department of Housing Preservation and Development closed on the property with a new developer New project will take shape over the next year, now with higher housing-density  27 three-family homes

Key facts City subsidies will lower the prices of the houses by $37,609 for the one-family homes and $56,500 for the three-family ones Subsidies are passed forward to the purchasers so that the three-family homes will be sold for about $363,000 The 11 abandoned one-family homes will be renovated and seven of them sold for $153,701

Key facts The four remaining homes have been reserved by decision of the Housing Department for people who put down deposits on the homes in the early 1980's Those purchasers who qualify will be able to buy a home for the 1980's price, which the city believes to be $66,000 Public subsidies for each of these homes may add up to $125,310 !!! Total subsidies for this project: about $ 2,200,000 !!! (approximately 17% of the total project costs)

Construction square feet s Costs C C min  City subsidies allow the company to build the same homes at lower costs or, equivalently, to build bigger houses at same costs. S1S1 Let C = C min + a*s What effects do subsidies have?