Trust Fund Trussed?
World Trade Center Lease Deal Could Slash Housing Revenue
If plans for housing funded with WTC tax revenues go south, it won't be the first time that officials pinned their hopes for easing the housing crisis on the Twin Towers. In the 1960s, earth excavated to build the trade center was used as landfill on the Hudson River, where the luxury development of Battery Park City would eventually rise. Money from the development was to be used to build 60,000 units of low- and moderate-income housing across the city.
Instead, according to a recent investigation by New York Timesreporter Eric Lipton, those dollars have been diverted. Even the most generous count puts the number of affordable apartments brought on line with Battery Park City proceeds at a paltry 4350.
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