June 12, 2016 Comments Off on NY State Law Could Mean Larger Apt. Buildings Views: 434 California News, National News, New York News, Northeast

NY State Law Could Mean Larger Apt. Buildings

Potential changes to a New York state law could loosen zoning in regards to the size of residential buildings in and around Manhattan. Assemblyman Keith Wright and state Senator Simcha Felder introduced bills into their respective legislative bodies, revising a current rule that limits the bulk of the city’s largest residential buildings.

If the bills pass, it means New York City could rezone multi-residential parcels to double the maximum square footage currently allowed. The city hopes that density increases could encourage builders to develop apartment buildings with affordable housing in exchange for the bonus.

The bills, however, have also created controversy from those who oppose the addition of larger towers to the city’s skyline.

Read More at Crain’s New York Business

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