State Bill That Would Bring A Spike In Residential Density Looks Likely To Pass
A state bill, with the support of Mayor Bill de Blasio, that would allow for bigger residential projects is making its way through the statehouse and may be approved.
The bill would help the mayor meet his goal of 200,000 units of affordable housing in the city, and would also likely lead to a boost in property values in areas that would benefit from the increased density it would bring.
The mayor's affordable housing agenda suffered a setback late last month when a portion of Flushing, Queens, was taken off the list of possible areas to rezone.
The legislation would end the state’s cap on floor area ratio, which would result in a big spike in the number of units that can be built. The bill made it past the state Senate’s housing committee last week, and sources tell the New York Post it could pass as law as soon as next week.
De Blasio’s lobbyists in Albany have been on a campaign pushing for the bill. Midtown and the Financial District are among the areas that could see a spike in allowed density. [NYP]