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Ratner Keeps Most of Tax Abatement Windfall

Two weeks ago, city officials--including Atlantic Yards booster Mayor Mike Bloomberg--were outraged about a tax abatement bill that would have given Bruce Ratner nearly $300 million in property tax abatements. The abatements were in return for something Ratner had already promised: lower income housing units. Now, however, a political compromise has been reached and Ratner will receive about $200 million. In return, he has to commit to certain schedules for the housing.