Q&A
Comparison of Universal Affordable Preference (UAP) with other development incentives
2:38:17
·
109 sec
Council Member Schulman questions the attractiveness of the Universal Affordable Preference (UAP) for developers compared to other available incentives. Chair Garodnick explains the specifics of the UAP and its focus on creating affordable housing.
- Schulman asks why developers would choose UAP over other options that allow for larger developments
- Garodnick clarifies that UAP requires 100% affordability for the additional 20% density in medium and high-density areas
- The discussion highlights the complexity of balancing various development incentives and affordability requirements
- Garodnick suggests a follow-up to address the specific comparison Schulman is making
Lynn C. Schulman
2:38:17
Thank you.
2:38:19
So chair, you said that the city of yes focused on affordable housing in the city and that there's a portion of that and you had it in the deck that's really connected to the creation of affordable units.
2:38:33
Which is the universal affordable preference section of the proposal, which contains that it will spur on affordable housing by allowing buildings to be up to 20% larger.
2:38:43
Correct.
2:38:44
So my question is, why would developers use the UAP when they can instead ask for the same or larger amount of additional development using the proposed 75, 25 bulk modification for non complying buildings authorization and which is something that that would allow any building to increase by 20% of floor area and 25% in height solely with CPC authorization.
Daniel Garodnick
2:39:12
I want to make sure that I'm understanding the question that you're asking.
2:39:15
So we may need to follow-up based on time.
2:39:16
But The short answer is, if you are looking to take advantage of the additional density here
Kevin C. Riley
2:39:22
Mhmm.
Daniel Garodnick
2:39:23
To go from wherever you are plus 20% in medium and high density areas, it has to be 100% affordable and likely partnered with the 485x tax abatement.
2:39:36
We are creating real opportunity here at 60% of AMI for us to be able to deliver real affordability for New Yorkers.
2:39:42
Now your question about an additional bonus and
Lynn C. Schulman
2:39:46
Why would no why would developers wanna go this route for city of yes as opposed to the route they have now, which gives them more opportunity to build them bulk?
Daniel Garodnick
2:39:55
Amit, let me follow-up with you about which bonus program you're talking about specifically.
Lynn C. Schulman
2:39:59
Alright.
2:39:59
Thank you, chair.
2:40:00
I'll I'll I'll save my other questions for round 2.
Kevin C. Riley
2:40:03
Thank you.
Lynn C. Schulman
2:40:03
Thank you.
Kevin C. Riley
2:40:05
Counsel, Maria.
