Lori Schomp, founder of Save Pier 6 and co-founder of People for Green Space—along with Martin Hale and Joe Mertz—has an op-ed piece in today’s New York Daily News on how to sustain Brooklyn Bridge Park without building additional housing in the extremely popular waterfront park.
Consistent with the arguments Ms. Schomp and her supporters have successfully presented (so far) in fighting off plans by the Brooklyn Bridge Park Corporation to erect two large residential housing towers on Pier 6, the DN piece punches holes in BBPC’s insistence that further housing is needed to fund park operations and annual maintenance.
The park is poised to reap a seven-fold tax increase from one building alone as tax breaks expire in coming years – raising as much as $200 million over 50 years, which would more than cover operations as well as a one-time pier repair.
Other expiring tax breaks on residential and commercial property should yield an additional $30-40 million over the next 50 years, excluding several buildings where information is not yet publicly available. The Corporation based a recent analysis on fiscal year 2018, just before the tax breaks begin to expire.
The park’s annual income will be 30% or more above its operating budget even before any rise in property taxes. Ignoring that revenue lowballs projected income and creates an illusory need to build.
Ms. Schomp, a frequent commenter on BHB topics, lives in Willowtown and is pursuing a masters degree in public health from Columbia University’s Mailman School of Public Health