Senate kills bill that would have paved way for larger buildings in NYC

Legislation would have eliminated residential floor area ratio

TRD New York /
Jun.June 25, 2018 03:39 PM

View from Tribeca (Credit: Zachary Shakked via Unsplash)

The state Senate has quashed a bill that would have made it significantly easier for developers to build taller, denser residential buildings in New York City.

Legislators voted down a bill that would have eliminated the residential floor area ratio, which has been set at 12 since 1961, according to Brownstoner. A similar proposal also failed to pass in 2015 and 2016.

Bill S6760 would have allowed for exceptions to the cap if “otherwise provided in the zoning resolution of the City of New York,” according to CityLand. The Senate introduced the bill by including language in its budget that amends New York’s Multiple Dwelling Law.

Critics of the bill, which died in committee, lambasted it as a giveaway to the real estate industry, while supporters like the Real Estate Board of New York have argued that it would lead to more affordable housing.

The Regional Plan Association supports lifting the cap as well, issuing a report in February saying that doing so would help fill the need for more working- and middle-class housing.

The bill would have led to significantly fewer restrictions on development in some of the densest areas in the city, including Downtown Brooklyn, which has seen a massive influx of high rises over the past few years. [Brownstoner and CityLand] – Eddie Small


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
111 Leroy Street and 817 Fifth Avenue (StreetEasy, Google Maps)

Luxury deals plummet in Manhattan — again

Luxury deals plummet in Manhattan — again
arrow_forward_ios

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

Loading...