The Brooklyn community group Brooklyn Speaks criticizes the failure of Greenland USA to deliver promised affordable housing units and urges state authorities to enforce penalties. Gib Veconi highlights that despite Greenland not declaring bankruptcy, the company's lenders recently made substantial payments to maintain development rights. Brooklyn Speaks suggests that the Empire State Development should demand more accountability from developers while also questioning the financial viability of projects like Vanderbilt Yard, proposing the need for an independent assessment to explore potential paths forward for affordable housing development.
"It's unclear whether that same logic would inspire them to pay $1.75 million a month in fines for the developer who defaulted on them."
"Gib Veconi noted that Greenland USA has not declared bankruptcy and lenders made an $11 million installment to maintain development rights over the Vanderbilt Yard."
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