According to a report by the New York Business Journal, the City Council will hold its second subcommittee hearing on Tuesday to gather public input on Mayor Adams’ “City of Yes” proposal. This proposal aims to update NYC’s zoning regulations and is expected to be voted on by the full council before the end of this year.
The Business Journal also reported that after receiving support from the City Planning Commission in September, this proposal now awaits approval from the full council before it can reach Mayor Adams’ desk. The Subcommittee on Zoning and Franchises held hearings earlier this week (on Monday and Tuesday) where they may have considered making changes based on feedback from both citizens and council members.
Several organizations, including Regional Plan Association (RPA), have endorsed this proposal. RPA estimates that if passed, it could bring an economic impact ranging between $41 billion and $83 billion. Stay updated with Connect CRE for more news about this important development in NYC’s zoning regulations.
