Instead of down zoning whole areas of NYC we ought to be doing everything we can to encourage owners of buildings to build to the maximum available to them. Take a look at this photo. It’s more than a photo of a bar and two restaurants, it epitomizes the waste and opportunity cost that is holding New York and Brooklyn back. Here are three – among many – one story buildings on Fifth Ave. There could be, and should be, another 3 or 4 floors of apartments and commercial space. We ought to be doing everything we can via the tax and zoning code to persuade the owners of these and other buildings to build up. We need more housing. We want more people to move to NYC and Brooklyn; for them to pay taxes here; for them to buy goods and services here. Our city needs to attract and keep people here. One of the best ways we can do that is to dramatically increase our housing stock.
NYC is famous for wasting opportunities such as the West Side railways, Governor’s Island and now, foolishness on top of foolishness, we are wasting a golden opportunity. Investments go in cycles, right now people are intent on investing in their homes (yes there are speculators but we’re not talking about them here). If they don’t buy here in NYC, they’ll buy elsewhere – and pay taxes elsewhere, and shop elsewhere.
1 comment:
When I see these lots on 5th Ave/Pk Slope or Smith.... I see an owner that is just holding out for more money. The profit is there now but they are hoping prices go up even more.
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