Squadron's Plan to Pay for the BBP

As reported by Brooklyn Heights Blog and a NY Daily News article and a Brooklyn Paper article published yesterday, State Senator Daniel Squadron proposed a plan that would eliminate the need to build additional condos in Brooklyn Bridge Park. His plan calls for increased tax revenue from any rezoned properties from nearby landowners to pay for the controversial park costs. The tax would directly fund the park’s annual maintenance, estimated to be $16million per year. This would essentially make the buildings included in the proposed rezoning in Dumbo pay for much of the maintenance of the park. The Brooklyn Paper points out that this is a potential “Achilles Heel in the plan. Dan Wiley, a staffer for Rep. Nydia Velazquez (D–Gowanus) said the reliance on seeking increased land values might create an urge in City Hall to allow taller new construction near the park, while many neighborhoods have been trying to reduce permissible building heights.” Does this mean that since Brooklyn Heights, Cobble Hill, and Fulton Ferry, with very little new development will not fall into the proposed tax?

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