Rezonings would trigger affordable housing mandates

Under de Blasio plan, developers would have to set aside at least 25 percent of the units

New York /
Jul.July 31, 2015 12:00 PM

For developers looking for a rezoning for their new residential projects, affordable housing may no longer be optional.

Mayor Bill de Blasio is adding a mandatory inclusionary zoning provision to his affordable housing plan, according to Capital New York. Under the new plan, developers would have to set a quarter of the units aside for affordable apartments in return for city approval for a rezoning. On average, such units would be rented to families earning 60 percent of the area’s median income, which currently amounts to $46,620 for a family of three.

The second option the mayor is proposing would require developers to reserve 30 percent of units for those who earn an average of 80 percent of the area’s median income. City planning officials and local council members would determine which of the two options is selected, not the developer.

“This affordable housing will be mandatory and it will be permanent,” de Blasio said in an email to Capital. “These are hard, new requirements that for the very first time set a floor for the affordable housing communities are owed in new development. We look forward to working with neighborhoods, elected officials and the Council to enact the strongest affordable housing requirements in the nation.”

De Blasio’s plan, which would require city council approval, would not impact whether developers qualify for 421a tax breaks. The city’s most lavish stretch of luxury highrises, dubbed “Billionaires’ Row” on West 57th Street, has subsidized only 89 affordable units across the five boroughs, according to a recent analysis by DNA Info.

All told, the mayor aims to build and preserve a total of 200,000 affordable units by 2024. The plan has created roughly 20,000 new affordable units so far, according to Capital.

The mayor is also looking to rezone several areas of the city to allow for denser developments that include more affordable units. Among the first will be East New York in Brooklyn. [Capital New York] — Claire Moses


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
RSA President Joseph Strasburg (Rent Stabilization Association)
Landlords plea for water rate freeze ahead of vote
Landlords plea for water rate freeze ahead of vote
Camber Property Group Principals Andrew Moelis and Rick Gropper with 440 West 41st Street (Caro Enterprises, Inc.)
Camber Property buys bankrupt Hell’s Kitchen building for $40M
Camber Property buys bankrupt Hell’s Kitchen building for $40M
RiseBoro's Scott Short and Slate Property Group's John Valladares with 326 Rockaway Avenue (Google Maps)
Slate JV plans affordable housing complex in Brownsville
Slate JV plans affordable housing complex in Brownsville
Parkway Hospital in Forest Hills, Top Rock Holdings' Uri Mermelstein, Joseph Yushuvayev and SYU Properties' Josif Elishayev (Google Maps, LinkedIn, Getty)
Parkway Hospital’s redevelopment plan has a pulse
Parkway Hospital’s redevelopment plan has a pulse
Speaker Corey Johnson and Mayor de Blasio. (Getty, The New York City Council)
City Council quietly cut homeless voucher eligibility ahead of vote
City Council quietly cut homeless voucher eligibility ahead of vote
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...