City officials are proposing a major redevelopment of Midtown South in Manhattan, intending to rezone a 42-block area around Penn Station. This initiative aims to create almost 10,000 new residential units, including 2,800 affordable apartments, revitalizing the office district post-COVID. The plan, inspired by the Financial District's transformation after 9/11, has raised concerns about affordability and ensuring equitable housing solutions, as past developments led to high rents and lack of low-income options.
It's unfathomable that in an area this central, with a housing crisis this dire, that if you wanted to build housing here, our own rules would simply not allow it.
There's a real opportunity to convert in a way that is more equitable and more affordable.
The plan draws inspiration from the transformation of the Financial District, which turned into a booming residential area after 9/11 with tax incentives, but critics warn against repeating FiDi's mistakes.
Today, FiDi boasts some of Manhattan's priciest rents and lowest poverty rates, according to NYU's Furman Center.
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