Atlantic Yards

Lots has been written over the last few days covering Ratner's changing plans for the Atlantic Yards in Brooklyn. The NYTimes broke a story which others analyzed, looking at the downsizing of Ratner's massive proposed 22-tower development and commerncail/entertainment complex. The Times highlighted the uncertainty:

Adding to the uncertainty surrounding Atlantic Yards is the ascension of a new governor. Gov. David A. Paterson, who took office on Monday, called for a statewide moratorium in 2005 on the use of eminent domain, which is needed to clear the site of about 20 property owners. Mr. Paterson was a state senator when he made the proposal; his office said it is reviewing the matter.

Ratner got a lot of concessions and was given permission to pursue dramatic ideas based on his promises like neighborhood improvements and low income housing.

Given the current environment, some critics worry that Mr. Ratner will negotiate for deeper subsidies, reduce the amount of low- and moderate-income housing included or eventually sell off portions of the site to other developers who could use their own, less expensive designs.

Other papers took this announcement of downsizing and saw this as a vindication of Ratner's long-time critics. But what is a bar owner or shopkeeper supposed to do while they wait to find out if their property will be condemned for this? Do they sit there with the sword of Damacles hanging over their head? Do they give in and sell the property at a bargain basement price? The Gothamist digs in to the situation a little more:

Let's forecast the future here. With construction targets - which underlie the use of eminent domain to acquire parts of the site - now being delayed, at the discretion of the developer, how long until other fundamental metrics, like, say, all those neighborhood benefits and all that affordable housing get tossed to the wayside under the weight of economic imperatives?