Low income project in LIC

couldn't help, but keep in mind that LIC already has the largest housing project in North America - queensbridge.

Plus, are you thinking of the mixed income developments? Already discussed here.

I don't think the prices in LIC could possibly go any lower than they're already going to go.

There is no low income project coming to LIC. Bad facts are being thrown around here.

alan, glad to see you are still bitter that you can't afford the new places in LIC.

Why does everyone think that prices won't go any lower in LIC?

The housing in question is called Hunter's Point South. It has been a much-maligned topic here on these boards. Here's some facts on this complex - This development is part of Mayor Bloomberg's initiative to increase middle income housing. It is planned for 5000 units that would stretch from the parcel in front of the Powerhouse to the Newtown Creek. Initially, the plan was to have 60% of the units sold as condos at market rate, and 40% subsidized housing for MIDDLE income housing. This was to provide housing to teachers, cops, firefighters, etc. Since then, low-income housing advocates have argued that the plan should also include units for low-income residents. I have seen numbers for 20% of the units as low income. This is not confirmed or definite. It is all just talk at this point. More importantly, this plan was conceived in the boom times of real estate when many ambitious plans were on the table. Even then, the financing for this plan was considered very questionable. It is possible some of this project could get built, but it is highly unlikely that this would be completed in the size and scope proposed anytime soon, if ever. There is not even the necessary sewer, gas, and electrical lines existing for the southern part. A new road system would have to be put in. A developer would have to be found who would take all this on. Really not likely in this climate.

Could prices go down in LIC? Of course they could. If the economy takes another leg down, so goes prices. The recent price history in LIC is that prices seem to have stabilized in the $600's/sq ft near the waterfront after falling from around the $800's. Some new buildings are coming to the market - the Solaruim and 10-17 Jackson. These building will be interesting to watch to see if they sell and what prices the developer is willing to let them go for.

I propose that they make it a giant park instead... anyone with me?

I'm with you there, Marky.

new here. Been looking around LIC to buy, and came across all this talk about the proposed projects. I'm no real estate expert, but here's my question--wouldn't this be an overall positive thing for the neighborhood? Sure, subsidized housing just sounds bad and there's the potential overcrowding on the train, but walking around the area, what seems to be missing are retail stores, services. Wouldn't these projects bring more restaurants, stores, supermarkets, etc.? As long as it remains in the 40% at $50K-$150K range, doesn't it ultimately bring better services to the area?

"There is no low income project coming to LIC."

They don't need to go there. They're already there, in spades.

http://www.nytimes.com/interactive/2010/04/25/realestate/20100425liv_ss.html#6