The Real Deal New York

Brownstones cost the economy billions: report

U.S. economy could grow by nearly 10 percent if high rises replace historic homes

May 16, 2015 03:00PM


Brooklyn brownstones

Brownstones, the charming Victorian homes so coveted by many New York families, are costing the nation billions, according to an economic report.

Economists found that the U.S. economy would grow by 9.5 percent if only three of the country’s most productive cities — New York, San Francisco and San Jose — could fit more people. And one way to create that density would be to bulldoze a city’s historic housing stock to make way for high-rise apartment towers, according to WNYC.

But preservationists rest assured, NYC and San Francisco’s landmark laws, which protect many of Brownstones, aren’t going anywhere. [WNYC]Christopher Cameron