The Real Estate Board of New York hosted their annual event honoring commercial property management achievements and pros. One of the speakers at the event was Marisa Lago who is the City Planning Commission. In her speech, she addressed what is ahead for the City with respect to housing and what the Commission has been prioritizing.
According to Lago, New York is has a population of 8.5 million people and 4.5 million jobs. She indicated that between 2010 and 2017, NYC added 600,000 jobs. With this boom in employment there are challenges that the Commission would like to address.
Her biggest concern is to build more affordable housing. In particular they are prioritizing "as of right" developments. As of right developments are ones that comply with all applicable zoning codes. They do not require special public hearings, permits, variances or discretionary action by the City Planning Commission or Board of Standards and Appeals. Lago stated
“Since 2010 over 80% of new housing in the city has been built as-of-right. Without this development about 300,000 New Yorkers, an entire city of Pittsburgh, wouldn’t have the homes that they live in today.”
The second priority would be to increase residential density in transit-rich neighborhoods. Lago states that the Commission has been encouraging mixed-used neighborhoods in a focused way for the past two decades.
According to Globest, Lago pointed out in 2017, only 18 buildings 40 stories or higher were constructed. They accounted for only 1% of new residential buildings completed. But they accounted for 22% of new housing units. Creating more high rises would certainly bring more affordable housing in transit rich areas.
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