Rezoning for more housing costs developers a fortune: report
Mitch Korbey, chair of Land Use & Zoning at Herrick, spoke to The Real Deal for their article discussing a new report by the Citizens Budget Commission, which recommends changing the city’s review process to cut down on time and money spent by developers and reduce the cost of housing.
Mitch, a former City Planning official, commended the report for its comprehensive look at private applications, but noted that it ignored government-led rezonings, which can drag on for longer than two years and tend to have much more of an impact on the city as a whole. He added that he doesn’t see two years for a significant rezoning to be "particularly onerous."
Mitch continued, "I think most developers understand that it takes time. I don’t think it is fair to compare New York to other places in terms of how long these things take."
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