When the developer David Walentas started buying old warehouses and factories along the Brooklyn waterfront in the 1980s, he intentionally kept some artists as tenants at low rents to foster creativity in the neighborhood. However, since 2020, due to a downturn in the commercial real-estate market, the Walentas family has begun to increase rents significantly on these artists, which raises concerns about the future of such communities and affordability for creatives.
Sharon Butler, an artist and founder of Two Coats of Paint, benefited immensely from the Cultural Space Subsidy launched by Two Trees in 2014, enabling her to secure a studio at a cost of just $1 per square foot. This opportunity not only saved her approximately $250,000 over a decade but also allowed her to develop her artistic community. Unfortunately, the latest news about the subsidy ending means she, along with her peers, must now negotiate more costly rents with commercial brokers, putting their creative spaces at risk.
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