PRESENTATION
The changing economy in NYC and outdated zoning
0:12:15
·
109 sec
The NYC economy has changed significantly since the pandemic, with high vacancy rates for storefronts and offices:
- Nearly 17,000 vacant storefronts.
- 16% of New Yorkers work from home at least once a week.
- 19% office vacancy rate (80+ million sq. feet)
Current zoning rules are too complex, restrictive and outdated for businesses to adapt to the changing economy. Zoning was written for a 1960s economy and has not kept up with modern business needs.
Dan Garodnick
0:12:15
Next slide, today's proposal is on economic opportunity, and I appreciate you're making the distinction, Mister Chairman, between this and the housing proposal, I think that they tend to get lumped in together largely because they're branded thematically with the same name, and we certainly understand that.
0:12:29
But this hearing, and this proposal is specific to economic opportunity.
0:12:34
Housing is next.
0:12:35
We expect to release the text on that.
0:12:38
Very soon.
0:12:39
Next slide.
0:12:41
The economy has changed in New York City.
0:12:43
Let's go to the next slide after this.
0:12:47
Since the pandemic, we have nearly 17,000 vacant storefronts, 16% of New Yorkers are working from home at least 1 day a week.
0:12:57
That's three times the number that existed before the pandemic.
0:13:02
And a 19% office vacancy rate in New York City that is approximately 80,000,000 square feet of vacant office space.
0:13:12
Next slide.
0:13:13
The zoning, as you noted, Mister Chairman, was written for 19 sixties economy, and A lot has changed since then.
0:13:22
The way we do business, where and when we work, the types of businesses that exist, the environmental standards, for businesses all have changed in the last 60 years.
0:13:33
And businesses need flexibility and clarity to adapt to a changing economy, but unfortunately, today's zoning rules are too complex, restrictive, and outdated.
0:13:42
They make it difficult for enforcement, complexity, restrictive.
0:13:47
They result in vacant storefronts being and staying vacant for far too long.
0:13:52
And outdated.
0:13:53
Of course, we've heard all the reference of the typewriter repair shops or the taxidermy and not so much reference to more modern uses.
0:14:03
In our zoning today.