The Community Preservation Corp., or CPC, is one of the city's largest private partners in this mission and is the developer of the Domino Sugar project. The corporation, a consortium of over 80 banks and insurance companies, receives city subsidies for affordable housing while also profiting from private market-rate real estate investments.
CPC's record of investment in Brooklyn raises some disturbing questions about the results of these development practices. Despite the corporation's image as a developer of affordable housing, analysis of the city's public ACRIS property records reveals that since 2007, more than 65 percent of the $701 million invested in Brooklyn (including new loans and refinancing), have gone to market rate development. CPC has invested with some of Brooklyn's most notoriously unethical – and in some cases criminal -- luxury developers. The investment in the luxury market is concentrated on the frontier of gentrification in neighborhoods like Williamsburg, Clinton Hill, South Park Slope and Prospect Heights.more » « less