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Market Update Monday: Mayor Compromises

Uncategorized // Mar 21, 2016

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After numerous concerns regarding the housing proposals from both the city council and individuals, Mayor de Blasio worked with Melissa Mark-Viverito, a City Council speaker, to create a compromise. The duo are believed to have garnered enough votes to pass said proposals.

“When the mayor and the speaker are both on the same page, it’s not wise to bet against the house,” noted Kenneth Fisher, a former council member.

The two aforementioned proposals include Mandatory Inclusionary Housing and Zoning for Quality and Affordability. Mandatory Inclusionary Housing will require developers throughout the city to include affordable units in newer buildings. Though the council initially supported the proposed plan, there was a lot of push back on how low the prices of these units would need to be in order to be considered affordable. The compromise ultimately secured a commitment to mandate a set price-per-income.

The other proposal, Zoning for Quality and Affordability, will affect the size and shapes of buildings throughout the city. This plan faced harsh criticism due to various neighborhood-specific amendments and exceptions. The compromise addressed individual concerns such as community oversaturation.

“I feel very excited about where we have landed,” said City Councilman Brad Lander. “I think the council took a very good proposal from the de Blasio administration and made it a great one.”