Three bold ideas for new housing

"His idea expands on a rezoning proposal by the New York Building Congress to allow housing along the route of the Metropolitan Transportation Authority's Interborough Express. Fisher, a former City Council member, called for the state agency Empire State Development to use a general project plan instead of separate rezonings. In addition to being comprehensive and faster, a GPP could allow revenue sharing with the MTA, which zoning can't."

"Some places fund mass transit from private development along train routes, which is what the MTA should have done with the Second Avenue subway. The gist: Transit projects boost property values, so why not capture some of that gain to fund the projects? The Bloomberg administration basically did that when it extended the 7 train to Hudson Yards. (H/T Dan Doctoroff.)"

"Another idea came from commercial debt collection attorney Bernard D'Orazio, who suggested, Extend the 7 train to the Meadowlands and build a big neighborhood in and around the parking lots. People don't need to live in the city, just close to the city. Ditch the new Port Authority Bus Terminal [plan] and build it in New Jersey on the new subway line. (Getty)"

A general project plan through Empire State Development could enable comprehensive, faster housing development along the MTA's Interborough Express while permitting revenue sharing with the MTA. Capturing increases in property values produced by transit investments can help fund projects, as occurred with the 7 train extension to Hudson Yards. An alternative proposal recommends extending the 7 train to the Meadowlands and building housing around parking lots while relocating a new Port Authority Bus Terminal to New Jersey. A study found trains could run from Secaucus to Grand Central in 16 minutes, though the MTA resisted. Reforming tenant-protection rules to reopen mothballed rent-stabilized units could add housing cost-effectively.

Read at therealdeal.com