Historic Rezoning Greenlit for Midtown South
The New York City Council has given its approval to the Midtown South Mixed-Use Plan, a significant rezoning initiative poised to introduce over 9,500 new housing units to the area. This landmark decision marks the largest residential neighborhood rezoning in two decades and includes substantial investments in community and infrastructure improvements.
Key Takeaways
- Housing Boost: The plan is projected to create more than 9,500 new housing units.
- Affordability Focus: Over 2,800 of these units will be permanently affordable.
- Community Investment: The rezoning comes with over $448 million in community benefits and infrastructure upgrades.
- Garment District Support: A significant portion, over $120 million, is earmarked for economic development resources to aid fashion and garment industry businesses in the Garment District.
Addressing the Housing Crisis
Speaker Adrienne Adams emphasized the plan’s role in tackling the citywide housing and affordability crisis. "To confront the citywide housing and affordability crisis, our city must build more homes and invest in housing solutions that allow generations of New Yorkers to remain in this city," Adams stated. She expressed pride in the Council’s approval of this historic plan, alongside other housing projects expected to deliver over 10,000 new homes.
Community and Economic Benefits
The substantial investment of $448 million will fund a range of improvements within the Midtown South area. A key component of this investment is the allocation of over $120 million dedicated to supporting the vital fashion and garment industry businesses located in the Garment District. This financial backing aims to bolster economic development and ensure the continued success of these businesses.