A coalition of Manhattan officials and housing advocates, led by Manhattan Borough President Mark Levine, held a press conference today on the steps of City Hall, calling on Governor Hochul and the State legislature to eliminate the outdated 12 Floor Area Ratio (FAR) cap in the FY25 state budget agreement.
The 12 FAR cap restricts the amount of buildable space within residential developments, requiring that buildings be no more than 12 times the size of their lots.
“This law is a relic of another era,” said Manhattan Borough President Mark Levine. “It was created in 1961 when, astonishingly, the City was worried about too much housing being developed and not enough offices. We have the opposite situation today. It’s time to lift the cap.”
19 мар 2024
