Image credit: Andrew Berman from Villiage Preservation, and data disclosed in the New York Times. Andrew Burman did an excellent presentation which goes into great detail about why the premise that upzonings, and increased housing supply is the answer to our housing crisis is incorrect. It starts at 43 minutes into the video and is worth the watch. The above chart shows that communities that have had upzonings and increased FARs have also had the greatest increase in their housing markets prices. Whereas, the communities that have had downzonings (which hasn’t happened since Mayor Bloomberg) which is a decrease in FAR, no rezonings at all or had landmarking protections, prices have in fact decreased, keeping those communities’ prices stable and affordable to the existing residents. Please Note: The SoHo rezoning results are based upon data before it had its newest rezoning done, which was an upzoning in 2022. |
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