It’s time to buildout Canalside into a real neighborhood — dominated by affordable mixed use primarily residential development with ample storefronts and pedestrian oriented streetscapes.
How can we do it?
By creating an affordable housing tax credit — not dissimilar to the Historic Preservation Tax Credit — the state can subsidize the private sector buildout of this mixed use district. Wouldn’t it make more sense — from a social sustainability perspective — for the state to subsidize affordable housing rather than high end housing in historic buildings?
Would it take a billion dollars in public private partnerships? Of course. Does New York State have a nearly $150 billion annual budget? Indeed.