New York Clears the Way for 80,000 Homes. It's a Start.
Around the country, outdated regulations block development. Enough already.
Keep growing.
Photographer: Jeenah Moon/Bloomberg
For a city known for its dynamism, New York is burdened with some exceptionally stifling housing regulations. So news that the city council has approved the largest rezoning effort since 1961 should be welcomed. Ideally, it will serve as an example for other cities that are impeding desperately needed construction.
The need for change in New York is clear. Rents are near record highs, rental vacancies are at the lowest rate in decades and the homeless population is surging. In a free market, such pent-up demand should trigger a surge in development. Yet plans for new residential construction in the city remain below the historical average.