The City Council is set to vote on a rezoning proposal for 42 blocks in Midtown South, potentially creating 9,700 housing units, including 2,890 affordable units. This initiative introduces new residential districts with floor area ratios of 15 and 18, exceeding previous limitations. The plan includes concerns over the displacement of fashion industry businesses due to the economic incentives for property owners. This rezoning would also mark the application of Mandatory Inclusionary Housing in Midtown Manhattan, establishing a new precedent for affordable housing.
The rezoning plan aims to create 9,700 housing units, with up to 2,890 designed as permanently affordable units, marking a significant increase in residential density.
The introduction of R11 and R12 residential districts allows for a floor area ratio (FAR) of 15 and 18, substantially exceeding the previous FAR cap of 12.
Concerns were raised regarding the impact of rezoning on local fashion industry businesses, as property owners may seek to demolish existing buildings for profit.
The use of Mandatory Inclusionary Housing in Midtown Manhattan represents a pivotal moment for affordable housing initiatives in the area.
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