Market-rate condos are toxic to most politicians in New York City, but not to Antonio Reynoso.
The Brooklyn borough president made a remarkable comment about that on the fifth page of a 14-page response to Ian Bruce Eichner’s controversial request to rezone 962-972 Franklin Avenue:
“The applicant has noted that [if the project is rejected], the area would likely move forward under existing zoning to produce market-rate condos. This form of unit production is also a need throughout the city to create additional ownership options for those who can access these units but have limited choice.”
That might not seem newsworthy at first blush. But since covering my first rezoning 32 years ago, I don’t recall a single elected official saying the city needs more market-rate condos. Not because it’s not true, but because it’s the kind of thing politicians are afraid to say.
It reminded me of then-Mayor Michael Bloomberg calling New York “a high-end product, maybe even a luxury product.”
But Bloomberg’s comment wasn’t true in every sense. New York is indeed great for rich people, but it is also better than people think for poor people and non-wealthy immigrants because of its transit system and social safety net, and perhaps its high minimum wage, too. There’s a reason 4 in 10 city residents are foreign-born.
Reynoso’s point made more sense. New York City has the lowest home ownership rate of any U.S. city, and buying here is extremely expensive. More supply would give buyers more choices and tamp down price appreciation.
“There’s a need for all types of housing at every single level, so an as-of-right development is something that I would support where it’s all market-rate,” Reynoso said in a phone interview. “Of course we want more affordable housing and mixed-income housing.”
But affordable rentals might not be possible on Eichner’s site, a former spice factory, because the developer wants something in return that the borough president cannot accept: the right to build a project that shadows the Brooklyn Botanic Garden and a local playground.
Eichner says the impact of his 14-story project on the garden would be minimal, and that the garden could relocate certain plants or install lighting that mimics the sun. But garden officials rejected those arguments.
Supporting the Botanic Garden put Reynoso on the same side as anti-development activists — an uncomfortable position for the borough president.
“This is unique. One of a kind,” he said. “Everywhere else, we’ve not rejected any proposals for development.”
Community Board 9 echoed the garden’s position, but also expressed fear that the 356 market-rate units Eichner proposes could put upward pressure on rents in the area. Research doesn’t support that theory, and neither does Reynoso.
“I actually think more supply is a positive thing,” he said. “I don’t think more supply would threaten the housing market in this area.”
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