NYC Mayor To Overhaul Pro-Condo Program

Citing an increased need for housing affordability, Bloomberg establishes a task force to examine an outdated pro-development city initiative.

"On Feb. 23…Mr. Bloomberg announced the establishment of a task force to overhaul a Lindsay-era program (the term of art is the 421a program) established back when there was little hope of attracting new construction in the city.

In recent years, hundredsâ€"if not thousandsâ€"of market-rate condominiums have sprouted up across the city on the public’s dollar under the program. It had been a Band-Aid, really, and Mr. Bloomberg was ripping it off."

"The way Mr. Bloomberg introduced the changes was innocuous enough. 'Because our population is growing, demand for housing has outstripped the supply, and for many New Yorkers, incomes are not keeping pace with increasing rents,' he said. 'The problem before us is no longer abandonment but affordability.'"

Full Story: Spotting Glut, Mayor Deflates Condo Cushion


Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!
Book cover of Unsprawl

Unsprawl: Remixing Spaces as Places

Explore visionary, controversial and ultimately successful strategies for building people-centered places.
Starting at $12.95

Essential Readings in Urban Planning

Planning on taking the AICP* Exam? Register for Planetizen's AICP * Exam Preparation Course to save $50.
$369 includes free shipping!