QUESTION
What are the key driving factors behind the long-term rise in vacancies in New York City?
0:35:06
·
62 sec
Deputy Commissioner Calvin Brown states that the long-term rise in vacancies in NYC is a complex and nuanced issue with no clear pattern, according to a 2019 study by the Department of City Planning (DCP) covering 24 neighborhoods.
- In neighborhoods with high vacancy rates, restrictive zoning and land-use regulations prevented occupancy of vacant storefronts
- A proposal aims to remove the 'grandfather rule' that prohibits vacant spaces from being occupied with the same use after 2 years of vacancy
- Removing such restrictions could free up opportunities to occupy previously vacant spaces
Oswald Feliz
0:35:06
What in your view are the key driving factors behind the long term rise in vacancies that we've seen in our city?
0:35:14
I know it depends on the neighborhood.
0:35:16
Yeah.
Calvin Brown
0:35:17
I mean, I think I think that's sort of the continuous theme that we have that we know that vacancies is a very complex and very nuanced even in the study that DCP did back in 2019 where they covered 24 neighborhoods, they said that there was a no clear pattern to the vacancy are the rent rates.
0:35:34
But what they did identify is that in some of those neighborhoods that had high vacancy is that it was restrictive zoning land use for minutes that prevented some of these areas from occupying these stores.
0:35:46
Just consider one of the proposals that they have in the on tax amendment with the grandfather in rule.
0:35:52
Like, if a if a place was vacant for more than 2 years, they are unable to occupy it with that same use.
0:35:58
But by removing that restrictions, now you're freeing up opportunities for these spaces to be occupied where otherwise they wouldn't be able to under the current rules.
Oswald Feliz
0:36:08
Okay.
