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March 23, 2005

Housing Wins from Bidding over Jets

Instead of the $100 million that the transit authority would have received in the original deal to build a Jets staidum, new bids to build on the West Side will bring in $700 hundred million or more.

But just as importantly, those new bids include more housing for the City:

To pay for their new $720 million bid, the Jets and their new development partners have proposed building 4,400 housing units on the West Side, in addition to the nearly 14,000 apartments the city originally envisioned in a West Side rezoning completed in January.
I have to say, while new office towers may or may not be needed, the "expert" quoted in the article saying new condominimums are unneeded is an idiot. What is clear is that the zoning requirements in the City have artificially limited new housing and only the maneuvering for and against the Jets led to real proposals to expand housing for city residents.

Posted by Nathan at March 23, 2005 06:45 AM