In a change from last year, the administration of New York City Mayor Bill de Blasio would let some residential developers double or even triple-dip into affordable housing subsidy pools for the same projects.
This is a reversal of a policy that would have eliminated double dipping. It came to light as two affordable housing measures were being debated.
One is a property tax exemption called 421-a that would require developers to set aside 25% to 30% of apartments in new buildings as affordable housing. Another, known as mandatory inclusionary zoning, would require that developers set aside up to 30% of all new condo or rental buildings as affordable on rezoned property.
The latter policy must be approved by the City Council. The relationship between the many programs that generate and govern affordable housing is complicated. How the two programs interact with each other, provided they both end up as law, remains to be seen, according to Crain’s New York Business.
Related Stories
Codes and Standards | Apr 19, 2021
Failed landmark preservation effort in Chicago provides lessons for planners
Gentrification fears heightened among Pilsen neighborhood residents doomed ambitious preservation plan.
Codes and Standards | Apr 14, 2021
New Phase 1 Environmental Site Assessment standard debuts in 2021
Will affect 250,000 commercial real estate deals a year.
Codes and Standards | Apr 13, 2021
British Columbia moves to accelerate mass timber construction
Province funds demonstration projects as part of economic recovery.
Codes and Standards | Apr 12, 2021
WoodWorks and Think Wood release first Mass Timber Design Manual
Interactive collection of information on mass timber products, design best practices, taller wood construction and sustainability.
Codes and Standards | Apr 8, 2021
Sensors used in tunable lighting systems found to have high reliability
DOE study investigated items used to control lumen depreciation, chromaticity shifts, and changes in drivers.
Codes and Standards | Apr 7, 2021
Red tape ruined the U.K.’s home retrofit program
Lessons learned could help US avoid that fate.
Codes and Standards | Apr 6, 2021
Lendlease achieves net-zero carbon in Boston, Chicago multifamily portfolio
New projects in New York, Los Angeles on track to reach goal.
Codes and Standards | Apr 5, 2021
Specification for sliding door, lift and slide roller assemblies updated
Addresses market trend toward heavy sliding doors.
Codes and Standards | Apr 5, 2021
Construction employment rebounds in March following February drop
Rising costs, supply-chain woes, and cancellations threaten outlook.
Codes and Standards | Apr 2, 2021
Intl. Code Council’s new development system could be a brake on building decarbonization
Local governments lose influence on creating new energy efficiency rules.