In Midtown Manhattan, four neighborhoods have long prohibited new housing due to outdated zoning laws favoring manufacturing. Recent proposals from NYC's Planning Department aim to introduce approximately 9,700 new housing units under the Midtown South Mixed-Use Plan. However, the feasibility of this plan is questioned as local policies demand developers provide a significant percentage of below-market rent units alongside union-scale wages for construction workers, raising concerns about developers' incentives and profit margins amidst fluctuating economic conditions.
New York's progressive politicians want to pick developers' pockets twice: Once to require 25 to 30% of the units to be rented at well-below-market rents, and a second time to require that construction workers be paid "prevailing," or union-scale wages.
Now that's changed, but not entirely for the better. NYC's Planning Department has proposed the Midtown South Mixed-Use Plan, which purportedly would result in the creation of about 9,700 new housing units.
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