New state bill would allow more units in resi buildings

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

TRD NEW YORK /
Jun.June 06, 2016 09:30 AM

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


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Fredrik Eklund (Credit: Getty Images)

Fredrik Eklund talks LA condos, the mega-luxury market and patience

Boise, Idaho (Credit: iStock)

These small US cities have exploding luxury markets

(Credit: iStock and Google Maps)

The cheapest house in America’s richest town is listed for $2.5M

Medical staff outside of a Beijing hospital in February 2020 (Credit: Getty Images)

Coronavirus is wreaking havoc on China’s landlords

5Pointz (Credit: EMMANUEL DUNAND/AFP via Getty Images)

Judge upholds $6.75M award for 5Pointz artists

arrow_forward_ios
Loading...