Dear Clients,
On October 20, 2021, the City Planning Commission (CPC) unanimously approved a plan to rezone SoHo and NoHo. CPC anticipates the plan could create around 3,500 new homes, including 900 permanently affordable ones, by allowing housing in certain areas that were once zoned for commercial only, and requiring permanent affordable housing through Mandatory Inclusionary Housing. The plan will now go before the New York City Council for review.
If you have a property which will be affected by the SoHo / NoHo rezoning and would like to discuss further, including requirements of the MIH program and the possibility of pairing a development with other incentives such as the 421-a property tax exemption program, please contact Daniel M. Bernstein at [email protected].