C
ity Council members are working to refine Mayor Eric Adams' signature housing policy, City of Yes for Housing Opportunity, which aims to boost affordable housing construction through zoning reform. However, the proposal to eliminate parking minimums citywide is facing opposition from some Council members who argue it's a "one size fits all" approach that doesn't account for neighborhoods with limited public transportation.
Critics claim that developers in transit deserts should be required to provide parking alongside their projects, while proponents argue that market forces will dictate the amount of parking built. City Planning estimates that City of Yes could generate up to 109,000 additional apartments over the next 15 years, but weakening the proposal could cut that number in half.
Other cities have successfully eliminated parking minimums to boost housing construction, and parts of NYC have seen similar results. The 2016 Zoning for Quality and Affordability amendment got rid of parking minimums for affordable and senior housing projects in transit-rich districts, leading to a 36% annual increase in affordable housing development.
As the Council prepares to vote on the text amendment, some members are urging them to resist efforts to revise the proposal. Sen. Zellnor Myrie said that if they want to build a city where every New Yorker can put down roots, then every neighborhood and resident has a role to play in supporting more housing. The outcome of the vote remains uncertain, with many wondering how many Council members will ultimately support City of Yes.
In other news, the city has suspended issuing permits for open flames or fireworks in city parks due to drought conditions, and Mayor Eric Adams has tapped Sanitation Commissioner Jessica Tisch to lead the NYPD after Edward Caban resigned amid a federal corruption probe.
realestate
Spotlight on Urban Parking Challenges
City Council debates "City of Yes" housing plan, including eliminating citywide parking minimums.
Read More - realestate
realestate
Boynton Yards Expansion Takes Shape with New Lab Facility Opening
Shawmut Celebrates Completion of Second Purpose-Built Lab Building in Somerville.
Read More - realestate
realestate
Justice Department's last-minute comments spark controversy over NAR agreement
Industry experts respond to NAR's settlement filing, questioning its protection against future antitrust claims.
Read More
realestate
Macy's San Francisco flagship draws eager shoppers to Union Square
TMG Partners and Prado Group vie for Macy's 400,000-sq-ft San Francisco property.