NYC Officials Urged to Upzone to Solve Affordable Housing Deficit

Jakub Nowak, Associate Real Estate Broker, team lead at Nowak+Partners of Marcus & Millichap.

NEW YORK CITY— Across the commercial real estate industry, stakeholders and players are urging New York City Council to consider upzoning neighborhoods that would allow for more development capacity, square footage and taller buildings to alleviate the current affordable housing crisis. 

The increased push for upzoning has come amid recent demands from Housing Justice for All, the statewide coalition of tenant groups, who proposed policies for next year’s legislative session that include the “Good Cause” Eviction that would prevent landlords from no-fault evictions and cap rent increases at three percent plus the consumer price index and the nixing of rental increases for major capital improvements.