While Midtown is the obvious choice, and one called out in the New New York Plan presented with Governor Hochul, his recommendations expand the most flexible office conversion regulations to central office districts outside of Manhattan. Additional proposals specific to New York City include proposing the granting of amnesty for basement apartments, expanding the eligibility of commercial buildings for conversion, and reversing an old law that restricts maximum density of floor area.Īt the city level, Mayor Adams released a series of recommendations to convert office spaces to residential, a solution that has been whispered about since the height of lockdown. A new strategy dubbed the New York Housing Compact calls for all cities, towns, and villages to achieve new home creation targets, with the largest ones called for in New York City and other municipalities served by the MTA.
However, the State of the State address outlined a number of proposals for addressing this problem. She called out restrictive land use policies, and the end of the 421a tax incentive program has not helped either: A report from REBNY found that there were 411 filings for new buildings in the first half of 2022 and only 165 in the months following 421a’s expiration. In the speech, she noted that over the last 10 years, New York has created 1.2 million jobs, but only 400,000 new housing units across the state.
Housing affordability has been on everyone’s mind throughout 2022 (remember the rental bidding wars over the summer?), and accounted for a significant portion of Governor Hochul’s recent State of the State address. Updated with new lotteries in the Financial District, Kips Bay, Murray Hill, East Harlem, Clinton Hill, Crown Heights, South Slope-Greenwood Heights, and Laurelton.
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