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Market Update Monday: Housing Proposals To Be Zoned Out

Uncategorized // Dec 07, 2015

Lower East Side 007 (2)

New Yorkers are unconvinced that they are in need of hundreds of thousands of new housing units, even if they are more affordable. Throughout the city, community boards are rejecting both of Mayor de Blasio’s proposed zoning changes. Administrations are facing challenges in three areas: parking, height restrictions and income limits. In the past, community boards have opposed almost all new zoning efforts. Though council members have yet to vote on de Blasio’s new plans, Bronx Borough President Ruben Diaz Jr notes that the plans are complicated and that these zoning changes would only be the first step in making a difference. With 15 potential neighborhoods to rezone, the overwhelming options makes this process more difficult for both the communities and their developers. It is very likely that the administration will need to come up with a simpler plan of action to win over the public at this point.