Sign Petition in Support of MORE NYC Program
Please Sign this Petition to Mayor Bill De Blasio encouraging him to implement something along the lines of MORE NYC's plan---
To Mayor Bill De Blasio,
Embedded in the empty parts of the skyline of Manhattan is the potential for massive social wealth—economic wealth to fund broad social needs like affordable housing, job wealth that can employ the City’s unemployed, and clean energy wealth that can be tapped as well to significantly address the threat of global climate change.
A program to massively expand housing and move large numbers of people from energy wasteful suburbs can create a path to progressive change. While there are a wide range of tools that can help effectively expand housing, a key tool to ensure that housing will be affordable is inclusionary zoning. Communities around the country have promoted affordable housing through allowing greater density in certain locations in exchange for building affordable housing on-site or paying an inclusionary zoning (IZ) fee. New York City has a limited IZ program but an expanded one centered on Manhattan requiring an IZ fee of 30% of the sale price for all new luxury construction would yield massive funds to provide not only affordable housing in northern Manhattan and the outer boroughs but support the funding for the transit, educational, and medical infrastructure needed for a growing NYC population.
For example, in a scenario of adding 100,000 units in lower Manhattan under a 30% IZ fee, this would yield roughly $43 billion in revenue given current average prices for new construction in lower Manhattan. Assuming 60% of that is dedicated to affordable housing, that would yield $26 billion for affordable housing and $17 billion for educational, medical and transit infrastructure needs. Combined with other reforms to make residential housing more affordable, the City could build affordable units housing millions of people from low-income and moderate-income families.
We need a serious program to make housing more affordable, create jobs, fight climate change and create a longer-term revenue base for the City.