Mayor de Blasio’s housing plan won’t bring affordable units to low-income areas but it will destroy the character of the most expensive neighborhoods in Brooklyn, said housing experts — including real estate execs — in a Wall Street Journal article yesterday. Here are the deets:
*In low-income areas such as East New York, no one is building market-rate housing now and no one will build market-rate housing in the future, even if the mayor succeeds with his plan to upzone the area to allow bigger and taller buildings, because the math just doesn’t pencil out.
*Meanwhile, the mayor’s plan would work beautifully in higher-income areas such as Park Slope and Williamsburg — except that Bloomberg-mandated “contextual zoning” height caps make it impossible.
Mayor de Blasio is pushing to wipe out those hard-won height caps with a “text amendment” to the
building zoning code (as we mentioned in yesterday’s article about the zoning controversy in Prospect Lefferts Gardens). If he succeeds, new buildings and additions 15 to 30 percent higher than what is allowed now will quickly sprout throughout Brooklyn’s most expensive and tony areas and beyond, from Cobble Hill, Park Slope, Williamsburg, Fort Greene, Clinton Hill, Bed Stuy, Crown Heights, Prospect Lefferts Gardens — anywhere land is expensive and prices and rents support luxury development. (more…)