The Common Council ad hoc committee dedicated to crafting an inclusionary zoning law for Hudson met on Wednesday. The work of the committee is still in its early stages, but what is currently being contemplated is requiring any building of four units or more, which is new construction on a vacant lot or the redevelopment of a derelict building, to make 25 percent of its units affordable. What is meant by affordable has not yet been defined, nor has the inducement that would be offered to developers to meet this requirement. A 25 percent reduction in the assessed value of the building was suggested as a possibility. It was noted that the meeting that real property tax law allows an assessment to be altered based on income loss from apartments set aside for affordable units.
Jeff Baker, counsel to the Council, advised, "You need an understanding from the industry about what kind of set-aside they can live with and what kind of incentive they would need." Defining what he meant by "the industry" Baker explained, "These are not people who are developing affordable housing; these are people who are developing market rate housing." Alderman Rebecca Wolff (First Ward), who is one of the moving forces behind this legislative initiative, reported during the meeting on a conversation she had had with Bruce Levine, the developer who built Crosswinds, which is considered workforce housing.
Now that Galvan has decided to rethink its proposal for 708 State Street to make it workforce housing instead of market rate, the only proposal for market rate housing Hudson has seen in the past thirty years is the very preliminary proposal made by the Galvan Foundation, in the partnership with Benchmark Development, to build a mixed used, market rate building at 11 Warren Street, the site of the failed 1970s strip mall.