Tomorrow morning, Wednesday, March 26, the Hudson Industrial Development Agency (IDA) holds a public hearing on 75 North Seventh Street. The hearing takes place at 9:30 a.m. in person at 1 City Centre, Suite 301, and on Zoom. Gossips now has the link to the Zoom meeting. Click here to access the meeting remotely.
The proposed building will have 75 units: 15 reserved for households with incomes of less than 80 percent of the AMI (area median income); 5 units for households with incomes of less than 130 percent of the AMI; the rest of the units (55) will be market rate. The application for a PILOT (payment in lieu of taxes) and other tax abatements submitted to the IDA by Galvan Initiatives Foundation can be found here. The financial review done by BJH Advisors can be found here.
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Nope! This is a luxury building, mostly market rate. They did a bait and switch on Hudson when they didn’t qualify for any state handouts. They are like every other real estate investor and can pay taxes like the rest of us property owners.
ReplyDeleteYes, we need working and middle class apartments and this building will help that. I’ve had no problem with the build and its location. But a small pittance of apartments for people making around average income is not some kind of philanthropy. They are going to make a killing on the rents and they’ve yet to publicly announce what those rates will be on their first building, which is near completion. I assume they are holding those rents hidden until after this IDA request for the second building.
They can go through the normal property tax assessment process like every other landlord, and if they feel like they’re paying too much taxes they can go to grievance or sue the city and use their rent roll as evidence of how much or little profit they are making. They have plenty of experience suing the city so it should be a normal thing for them.
The purpose of PILOTS is to encourage building housing that wouldn’t happen otherwise (not a problem in high demand Hudson), and mainly to encourage investment of industry (hence the name of the IDA) that brings jobs.
The era of middle class homeowners subsidizing wealthy developers has come to an end.
Also, as a member of the IDA, Mayor Kamal Johnson should recuse himself from the deliberations and decision because of the possible conflict of interests and quid pro quo of Galvan being the landlord to the home he’s been living in since being mayor—Or, he can finally make public his current and past leases that demonstrate he’s paying a fair market rent and not given free or below market rent, which could be considered a “gift” under New York State law.