midtown south rezone

The New York City Department of City Planning has revealed plans to rezone 42 blocks in Midtown South, allowing housing in manufacturing-zoned areas. If approved, the changes could result in approximately 3,970 new housing units over the next decade, with 789 to 1,144 being income-restricted. However, the success of the plan would depend on the state legislature replacing the expired property tax break 421a, which developers argue is essential for the financial feasibility of multifamily housing. The rezoning would allow residential space with a floor area ratio of up to 12, the maximum density permitted under state law.