New state bill would allow more units in resi buildings

De Blasio-backed measure would end “floor area ratio” cap
June 06, 2016 09:30AM

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.

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