Rally today to make 5 WTC affordable

The local group that is the Coalition for 100% Affordable 5 WTC will rally today, Friday, at 2:30 at City Hall Park in support of making the residential tower being built at 5 World Trade Center 100 percent affordable.

Silverstein Properties is developing the rental building, and the Lower Manhattan Development Corporation recently voted to allow it to go forward at 25 percent affordable out of 900 units. The rest are luxury rentals.

“The LMDC has voted to erect a for profit tower to and for the world’s super rich on public land for the benefit of billionaire private developer Silverstein, practically upon the gravesites of NY’s hero labor class of First Responders & working-class residents,” the coalition wrote. “Time to get real mad NY!”

Elected officials, including Congressman Dan Goldman, State Sen. Brian Kavanagh and Councilman Chris Marte, will join the rally. You can read their appeal to the LMDC here; in it they ask the LMDC to seek more sources of funding to increase affordability.

“We’ve made clear that the 5WTC site, public land purchased with public money, should be used for the public good,” the coalition continud. “It should be used to create desperately needed affordable housing from the lowest to moderate incomes, that will also bring social and economic diversity to a community that has lost thousands and thousands of units of affordable housing since 9/11.”



  1. It’s precisely because this is a for profit tower that it can subsidize 25% of the units (225 affordable units).

    If 5WTC becomes 100% affordable – who is going to pay for that? Where does that revenue come from? Who is going to finance the long term maintenance. The answer is nobody. And that is why a 25% affordable subsidized by the rest of the units at market rates works where as 100% affordable does not.

    If you think the city is going to adequately fund 100% affordable buildings just google NYCHA.

    • Good point. But does Silversten get anything from the city, up front and in return, just for putting aside the 25%, and then after completion does the city subsidize the 75% luxury difference in those affordable rents, to Silverstein, each month once rented? That’s how it usually works. Is this one different?