The Inwood rezoning came with a surprise: commercial rent control

The plan seeks to help small businesses

New York /
Aug.August 10, 2018 04:00 PM

Bill de Blasio, locked cash, and Inwood (Credit: Getty, iStock, and Airbnb)

The mayor is hoping to attract small businesses to Inwood through an element of the neighborhood’s rezoning.

There’s a type of commercial rent control in the agreement between the de Blasio administration and local Councilman Ydanis Rodriguez, Crain’s reported. New mixed-use developments receiving $2 million or more from the Department of Housing Preservation and Development must give commercial tenants a lease of at least 10 years “with limited rental increases,” the report said. It will apply to as much as 5,000 square feet of the total non-residential floor area.

The administration said it will “work with knowledgeable community stakeholders” to decide which businesses get leases.

“A decade’s a long time in the life of a business in a changing community, and if we need to find ways to extend upon it going forward, it gives government the opportunity to do so,” de Blasio said during a WNYC’s “Ask the Mayor” segment. “But right now, it says to a lot of neighborhood small businesses, Here’s a place for you that will work.”

The mayor and Rodriguez touted the program as a first for the city — and de Blasio said it could be used in future rezonings.

This week, the City Council voted through the plan that would allow more development and increase housing in the upper Manhattan’s Inwood neighborhood. Parts of the community have decried the plan, fearing it would cause home values and rents to soar. But Rodriguez and the administration have argued that the current housing supply faces too much market pressure, which causes the displacement that opponents want to stop.

The effort aims to bring 5,000 units of housing to the neighborhood. [Crain’s] — Meenal Vamburkar

 

Related Articles

arrow_forward_ios
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Urban Commons' Salvatore G. Takoushian with Wagner at the Battery
Urban Commons puts FiDi hotel into bankruptcy
Urban Commons puts FiDi hotel into bankruptcy
(Illustration by The Real Deal; Getty)
Multifamily faces stricter emission caps
Multifamily faces stricter emission caps
arrow_forward_ios

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

Loading...