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ARTICLE · 09 FEBRUARY 2023

It's About Damn Time

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The City and State of New York have made a handful of announcements regarding plans to roll out imminent changes to the real estate development process to help encourage development and tackle the City's affordable housing crisis.

United StatesReal Estate and Construction
Jodi Stein
Jodi Stein
Gail Suchman
Gail Suchman
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The City and State of New York have made a handful of announcements regarding plans to roll out imminent changes to the real estate development process to help encourage development and tackle the City's affordable housing crisis.Given the current obstacles facing development, this change warrants quoting Lizzo: "It's about damn time."

New York City has experienced a plethora of development regimes, including the Bloomberg "we can build it" era, which was thrilling. Sure there were issues, but there were solutions. Post-Bloomberg, development became more challenging.Then add in a national pandemic, a Mayor and Governor that could not see eye-to-eye and a State legislature that allowed the 421-a programs to expire, and the development world faced never-ending hurdles, for even the smallest of matters.The past few months have signaled the beginning of hope and recovery.

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