search

The Real Deal Logo

Trending

Glossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseSwig finds new bottom with DTLA office sale at $94 a sfSwig finds new bottom with DTLA office sale at $94 a sfBillionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida moveHow Hochul played the “good cause eviction” game, and wonHow Hochul played the “good cause eviction” game, and won
New York

New state bill would allow more units in resi buildings

De Blasio-backed measure would end “floor area ratio” cap

Bill de Blasio and state Senate housing chairperson Betty Little
Bill de Blasio and state Senate housing chairperson Betty Little

A bill that would allow New York developers to include more units in residential buildings is gaining support in Albany.

Mayor Bill de Blasio has backed the measure, which would allow the creation of significant numbers of both market-rate and affordable units, especially in neighborhoods most affected by the existing cap, including the Financial District, Midtown and Hudson Yards.

The proposal, which would end “floor area ratio” caps, passed the state Senate housing committee last week and could be approved as soon as next week, the New York Post reported.

Sign Up for the undefined Newsletter

If passed, the bill would be a boost for the mayor’s long-term goal of creating or preserving 200,000 units of affordable housing by 2024.

Critics, though, suggested the bill would especially help developers.

“My fear is it’s going to wind up being a big giveaway to the real-estate industry,”an unnamed Manhattan activist told the Post. “I’m not sure I trust some City Council members not to give away the skyline in exchange for funding to build a park in their neighborhood.” [NYP] — Ariel Stulberg