04/17/2024 | Press release | Distributed by Public on 04/17/2024 11:01
Client memorandum | April 17, 2024
Authors: Carol E. Rosenthal, Zachary Bernstein, Aaron D. Kahen
The New York City Department of City Planning ("DCP") has released the draft text amendment to the Zoning Resolution in connection with its "City of Yes for Housing Opportunity" initiative, along with a 43-page illustrated guide. The text amendment would implement the initiatives previously announced by the City and discussed in our September 2023 bulletin. The City's initiatives include the following residential zoning changes and are intended to facilitate additional housing development:
The zoning text amendment is expected to commence an approximately seven-month public review process by May of 2024, making it likely that City Council will vote on the proposal by the end of the year. Throughout the public review process, the City Planning Commission and City Council may revise certain aspects of the amendment in response to public comments.
At the state level, Governor Hochul recently announced agreement with the legislature on housing-related state legislation as a part of the Fiscal Year 2024 Executive Budget. The legislation has not yet been released, but if enacted, is expected to include, among other important changes, a tax incentive program for the construction of affordable housing and potentially address the 12 FAR cap on residential use.
Our land use team will continue reviewing the proposed text amendment and the pending state initiatives. Please contact us with any questions.
This communication is for general information only. It is not intended, nor should it be relied upon, as legal advice. In some jurisdictions, this may be considered attorney advertising. Please refer to the firm's data policy page for further information.