NYC’s Housing Advancements Are Opportunity for Developers
Mitchell Korbey, chair of Herrick's Land Use & Zoning Group, spoke with GlobeSt. about larger-scale residential projects in development that could bring more than 36,000 new homes to New York City.
The article noted that the "OneLIC Neighborhood Plan, which was most recently approved by the City Planning Commission and awaits a final vote from the New York City Council, marks the third major [project] in the past month to advance in the metro."
The other two plans, Midtown South and the Jamaica Neighborhood Plan, will also bring much needed housing to New York City.
Mitch praised the transit fundamentals where each of the plans are located as well, while also speaking more about the approvals and how they can help tackle NYC's housing shortage.
"City Planners and independent research by outside economic consultants have demonstrated that we must build 50,000 housing units a year, just to keep pace with the demand," he explained.
"By rezoning areas of the City that do not permit housing today, such as Midtown South and LIC, we are removing manufacturing zones that are no longer viable, having outlived their usefulness to the City – and we are stimulating the conversion of older office buildings and the development of new, sorely needed housing."
Plus, Mitch pointed out that the affordable housing in the three projects, accounting for about 11,100 of the total units, will help additional NYC residents.
Read the full article in GlobeSt. here. Access may require a subscription.