Posted Jun 6, 2016, 2:04 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,672
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This could affect not only this site, but many more accross the City...
http://nypost.com/2016/06/06/de-blasio-backs-plan-that-may-lead-to-luxury-building-boom/
DeBlasio backs bill seeking affordable housing boom
By Rich Calder and Michael Gartland
June 6, 2016
Quote:
A Mayor de Blasio-backed bill aimed at boosting the city’s affordable-housing stock by lifting a state cap on the size of residential projects has suddenly gained steam in Albany and could be approved later this month, sources told The Post.
The measure could lead to soaring property values in some of New York’s most desired neighborhoods by ending a state-imposed “floor-area ratio” cap, increasing the number of units that can be built in residentially-zoned buildings.
The bill cleared the Senate housing committee last week. Sources say it could be approved by next week. De Blasio’s team of Albany lobbyists have been “pushing very hard” for the bill, they added.
Neighborhoods that could see both market-rate and affordable-housing stock soar under the proposal include the Financial District, Midtown and Hudson Yards.
While passage of the legislation would be a win for de Blasio in reaching his goal of building or preserving 200,000 affordable-housing units by 2024, critics say developers could be the biggest benefactors.
“My fear is it’s going to wind up being a big giveaway to the real-estate industry,” said one Manhattan activist. “I’m not sure I trust some City Council members not to give away the skyline in exchange for funding to build a park in their neighborhood.”
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