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Market Update Monday: Rezoning Draws Opposition

Uncategorized // Sep 21, 2015

ENY

In the upcoming weeks, expect to see anti-poverty groups oppose New York City Mayor Bill de Blasio’s plans to rezone East New York. The group argues that a majority of the residents within the neighborhood won’t actually be able to afford the proposed 1200+ units that the city plans to build in the Brooklyn area over the next few years. According to The Wall Street Journal, Real Affordability for All, a coalition of union and tenant groups, is expected to release a disapproving report next Monday.

Earlier this month, plans for the rezoning of East New York outlined the benefits for all involved. The rezoning will begin it’s official public review process this Monday.

Photo credit: NYC Department of City Planning