July 4, 2017
Apartment developers and investors interested in the Inwood neighborhood of Upper Manhattan will spend a lot of time reading the fine print of the new Inwood NYC 2017 Action Plan, released by city officials June 29, 2017.
“This Action Plan outlines comprehensive strategies to address Inwood’s most pressing challenges, such as rising rents, antiquated zoning, lack of access to the waterfront and outdated infrastructure,” said James Patchett, president and CEO of the New York City Economic Development Corporation.
The plan may have a big affect on what developers will be able to build in the neighborhood. It includes preservation of Inwood’s distinct built character west of 10th Avenue, while ensuring that new developments are subject to Mandatory Inclusionary Housing requirements.
The plan also includes a warning for apartment investors who might try to circumvent New York’s rent stabilization laws, promising to protect tenants from property owner harassment and unlawful rents.
For comments, questions or concerns, please contact Bendix Anderson