Mayor Eric Adams Announces New Revitalization Plan

Mayor Eric Adams Announces New Revitalization Plan

On Wednesday, the mayor discussed his plans for NY to become a “City of Yes” that supports small business growth in NY. Below, I summarize his talking points and insert my predictions for what will be included in his plan

1.      Expand Housing stock.

What he said: The mayor drew attention to the quickly rising rents on apartments in NY. He pitted the supply and demand imbalance as the cause of this and put his weight behind increasing supply so that NY can return to affordability.

Context: This commentary comes on the heels of the City Council rejecting Bruce Teitelbaum’s ‘One45’ a 915 unit multifamily development on Harlem’s 145th Street.

Predictions:

1.      An upgrade to the hotel-to-multifamily conversion program

2.      A revamped 421A or 485w with Gov. Hochul

3.      An office to expedite processing of New Building (NB) permits at the DOB

2.      Loosening zoning regulations “Turn a no into a yes.”

What he said: Adams shared that he understood small business owner (read: Multifamily housing providers) challenges. He expressed that he wanted to take friction out of the system and to make growth more seamless.

Predictions:

1.      Bushwick Re-zoning gets re-surfaced

2.      A committee is created to overhaul the ULURP process

3.      More reforms to the way violations are doled out and cured. Like this

3.      Embracing renewable energy

What he said: The mayor shared with conviction that over 61,000 energy efficient jobs can be created by embracing the renewable energy sector. Specifically, he referred to solar panel installation and EV recharging stations as vectors to take New York into the future.

Context: In just over 18 months, Local Law 97 will come barreling down on owners of Multifamily. If owners of MF real estate > 25,000 square feet do not cut down on carbon emissions from their properties significantly, they will be subject to fines.

Predictions:

1.      NYC-specific tax credit incentives for personal and commercial level ev charger and solar panel installations. This will offer a carrot instead of just a stick to housing providers

Sources: City and State NY, Commercial Observer

Originally published on June 5th, 2022