The Inwood rezoning came with a surprise: commercial rent control

The plan seeks to help small businesses

TRD 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

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

From left: Mark Levine, Corey Johnson, and Marisa Lago with Morningside Heights (Credit: Getty Images and Wikipedia)

Manhattan rezoning forges ahead — without the de Blasio administration