Now we know why developers who attended a closed-door meeting with Mayor Bill de Blasio earlier this week seemed encouraged by what they heard.
It seems the mayor’s ambitious plan to put 200,000 units of affordable housing on the market is going to require some equally ambitious builders. Indeed, de Blasio told the gathering he wants New York City developers to erect the biggest buildings possible, and fast, according to the New York Daily News.
“I hope people hear me loud and clear that the only way I can achieve my goals is if we are building and building aggressively,” he told developers in opening remarks to the Real Estate Board of New York, according the Daily News.
De Blasio’s speech was a reiteration of his campaign promise to allow developers to build bigger as long as they reserve a portion of the building for affordable housing, a policy known as “mandatory inclusionary zoning.” Developers and investors have been wringing their hands lately over the future of the initiative.
Stephen Ross of the Related Companies, Stephen Green of SL Green Realty and Robert Knakal of Massey Knakal Realty were in attendance. [NYDN] – Angela Hunt