The de Blasio Administration has unveiled its first rezoning plan, New York YIMBY reports. The East New York/Ocean Hill, Brooklyn plan would take small existing residential buildings into the realm of submarket rate housing. Upzoning will happen along major thoroughfares under the plan, but residential side streets would be pretty much left alone. New York YIMBY says there probably won’t be any new market-rate housing coming onto the market as a result of the rezoning. Rents in the area range from about $1k for a studio to $1,950 for a three-bedroom apartment--not sufficient to support big high-density multifamily projects, which isn’t the goal of this rezoning anyway, according to YIMBY, but rather to keep existing residents from having to leave as rents keep rising. Which they will.
