Chairman Matthew Goldstein used a discussion about community benefits agreements (CBAs) at the charter revision commission’s June 24 Land Use forum in Queens to voice his conviction that real estate development and growth are essential to New York City’s economic future. He did not use the session to reveal which issues his commission will place on November’s ballot.
CBAs are “side deals” by which a real estate developer may agree to provide a public benefit to a community group, e.g., jobs, loans, unrelated contracts, in return for its support of a project. They are unregulated private agreements, negotiated by private parties outside of the ULURP framework, and can substantially increase a project’s cost. Continue reading