The Real Deal New York

State Senate wants more NYC resi towers

Upper house has approved lifting the city’s floor-area ratio cap
March 27, 2018 05:10PM

50 West Street under construction (Credit: Wikimedia Commons)

The state Senate has put legislation into the budget bill it recently passed that would eliminate the maximum floor-area ratio for residential projects.

The move would get rid of the rule that bars residential towers in New York City from exceeding more than 12 times their lot size, leading to more tall buildings on city streets, according to Crain’s.

Some planners support the idea as a solution to New York’s affordability crisis, as the move could enable the city to zone certain areas for extremely dense residential developments with tens of thousands of affordable apartments.

However, the measure is unlikely to become law, as a spokesman for Assembly Speaker Carl Heastie told Crain’s that his chamber would not pass the measure.

But two years ago, an effort to eliminate the FAR cap did not even pass the state Senate, signifying that the Real Estate Board of New York has made progress on this issue with legislators. [Crain’s]Eddie Small