Rescind $2 Billion Bond for Related Companies' Hudson Yards Expansion

I am writing to express my strong opposition to the proposed $2 billion bond deal for Related Companies to expand Hudson Yards. This deal, which would subsidize the construction of a platform over Manhattan rail yards for mostly luxury housing, is a gross misuse of public funds and should be immediately rescinded. Related Companies has already received nearly $6 billion in government aid for the first phase of Hudson Yards. This massive subsidy was partly justified by promises to develop low-income areas and provide affordable housing. However, the reality has fallen far short of these commitments. Instead of fulfilling their obligations, Related has consistently prioritized luxury developments that do little to address New York City's pressing housing crisis. The track record of Related Companies extends beyond Hudson Yards. In Brooklyn, they have similarly failed to honor their promises, demonstrating a pattern of behavior that should disqualify them from further public support. It is unconscionable that we would consider granting an additional $2 billion to a corporation that manages properties valued at over $60 billion, especially when they have repeatedly broken faith with our community. Our city is facing significant budget shortfalls, and every dollar counts. This $2 billion could be transformative if directed towards true affordable housing initiatives. Instead of subsidizing ultra-luxury apartments that will command exorbitant rents and sale prices, we should be investing in housing solutions that benefit a broader spectrum of New Yorkers. The lack of transparency surrounding this deal is also deeply troubling. Mayor Eric Adams announced it in June without disclosing the full extent of the subsidies, and there are concerns about a rushed approval process. This suggests an attempt to push through a controversial project without proper public scrutiny or debate. I urge you to take immediate action to rescind this bond approval. We need to prioritize the needs of all New Yorkers, not just the wealthy few. Redirect these funds to create genuinely affordable housing, improve our existing public housing stock, and invest in communities that have been historically underserved. It's time to hold developers accountable and ensure that public money serves the public good. The future of our city depends on making wise, equitable investments. Rejecting this deal would send a clear message that we value responsible development and true community benefit over corporate profits. Please act now to stop this misguided use of public resources and refocus our efforts on addressing the real housing needs of New York City residents.