Downtown Brooklyn has a temporary "glut" of parking, which is mandated for new developments, because in part there is just so much transit available. (These are all transitional issues; also, this is only specific to like, the 18 or so square blocks of downtown Brooklyn.) So the City is working on rezoning to give developers back the parking spaces. "'They would turn it into more luxury housing,' [Councilwoman Letitia] James said, suggesting that it was naïve to think developers would volunteer to turn their extra parking into subsidized housing or a community space." YA THINK.
Some people like to go on about how New York City is "anti-development," due to zoning and slow change, and that that's what's making the housing market bonkers this year. That's not really true, though I appreciate the frustrations of trying to develop in the City, which are endless. What made New York real estate crazy in the last year, and along the way shoved the rental vacancy rate well below 1%, was a combination of basically negligible interest rates for residential buyers (who then bought up literally everything in Brooklyn) and a bunch of development plans that went bust or at least stalled during the recession, because buildings are [...]