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None of this is going to happen, first off we have no land, moodys and a few others did a study last year in office to residential conversions and it’s not fiscally possible w/o a huge reduction of the sale of a building. Plus they show it’s over $200 sq ft to convert and that’s assuming the building is a perfect fit(study shows it never is and it’s best suited for buildings under 14k sq ft)
Hochul is just flapping her Botox lips, economically this can’t be done due to lack of land and high prices of land and building costs. If they try and force things people don’t want, lawsuits will happen and it will be tied up in court for a decade.
A guy purchased a old 1100 sq ft home in my neighborhood on a 135x115 lot zoned r5. In theory zoning allows 3 homes, town said no it’s out of character of neighborhood. Then board of health said no chance, the lot can have 2 homes but septic has to be here and they where limited to 2300 sq ft. The investor gave up and built one 4400 sq ft home. Hochul could of “forced” 3 homes but then board of health would of overrode the state with environmental concerns.
I love it. I hope she hits every single white part of LI and destroys it with multi family homes full of young black/hispanic criminal types along with masses and masses of illegal central americans. Ya'll kept voting for demorats...ya'll gonna get demorat's ways. Ain't gonna be no more white only areas in NYC and LI once they done with ya'll.
As for me? I'll be down in Florida watching from my TV and computer. And if that don't work? I'll be watching from my house in Ireland. Toodalou!!!
Ohhh yea, Florida SWAMP land filled with CRIME! They ALL come back! They all try to recreate Long Island in Florida.
Ahhh ok it’s the condition of the tax credits gotcha. Thank you.
I know there are plenty of complexes that have this though. You usually have to win a low income housing "lottery" to get a set aside rent controlled unit.
In Dix hills till brothers is building a 30 since family home sub division. No affordable because they aren’t getting any tax breaks. Starting price 2.264m. Same as manhasset but prices start at 3m there.
Do they think the reason for people leaving NY is just due to housing? Job opportunities, lower taxes, less onerous rules are the main reasons people are leaving the state.
So NY will force multifamily "affordable" housing which will basically become defacto housing projects.
I guess we can clear the hotels of the Venezuelan refugees then.
One leaves, two more come to Long Island. I never saw so many condos, apartment complexes, senior complexes and so much TRAFFIC in my life! As they continue to build more! Supply & demand!
Definition of “affordable”? $3000-$4000++++++ for a two bedroom in a nice apartment complex. So, “affordable” $2500?
Yep these crappy apartments (clones of which you could rent for half of that price down south) all cost a fortune, many are in bad school districts too. I always wonder who in their right mind is renting them since for 3000+ a month you can afford a decent mortgage.
None of this is going to happen, first off we have no land, moodys and a few others did a study last year in office to residential conversions and it’s not fiscally possible w/o a huge reduction of the sale of a building. Plus they show it’s over $200 sq ft to convert and that’s assuming the building is a perfect fit(study shows it never is and it’s best suited for buildings under 14k sq ft)
Hochul is just flapping her Botox lips, economically this can’t be done due to lack of land and high prices of land and building costs. If they try and force things people don’t want, lawsuits will happen and it will be tied up in court for a decade.
A guy purchased a old 1100 sq ft home in my neighborhood on a 135x115 lot zoned r5. In theory zoning allows 3 homes, town said no it’s out of character of neighborhood. Then board of health said no chance, the lot can have 2 homes but septic has to be here and they where limited to 2300 sq ft. The investor gave up and built one 4400 sq ft home. Hochul could of “forced” 3 homes but then board of health would of overrode the state with environmental concerns.
Agreed, much of it a pipe dream to sell to her "woke" base. There are endless ways to roadblock, slow down, and stop development here. Like another poster said, simply offer no tax incentives, or raise rates on new multifamily construction is just one way. Tying up in litigation is another. This will simply not happen at any type of scale without support of the localities period, even Newsday of all places admits this.
So, the article is actually misleading(probably on purpose).
Again, this is for the state, not just Long Island, as mentioned above.
A portion of the press release: "The New York Housing Compact, a comprehensive, multi-pronged strategy, includes local participation requirements and incentives to achieve housing growth in every community so that every part of the State is a partner in solving this urgent crisis."
Again, this is for the state, not just Long Island, as mentioned above.
A portion of the press release: "The New York Housing Compact, a comprehensive, multi-pronged strategy, includes local participation requirements and incentives to achieve housing growth in every community so that every part of the State is a partner in solving this urgent crisis."
Yes but the crazy required 3% growth rate ONLY applies to downstate including LI. Most of the state is only 1%. They just included that to look like they are being “fair”
None of this is going to happen, first off we have no land, moodys and a few others did a study last year in office to residential conversions and it’s not fiscally possible w/o a huge reduction of the sale of a building. Plus they show it’s over $200 sq ft to convert and that’s assuming the building is a perfect fit(study shows it never is and it’s best suited for buildings under 14k sq ft)
This is a movement which is spanning the Nation; there are commercial properties which might be redeveloped.
Quote:
Originally Posted by Spanky25
Definition of “affordable”? $3000-$4000++++++ for a two bedroom in a nice apartment complex. So, “affordable” $2500?
Pretty much.
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