- REAL ESTATE EDUCATION
- GIVING BACK
Daily News Op-Ed by John H. Banks: Erect Buildings, Not Obstacles
June 3, 2018
As-of-right development — meaning, the freedom to build without any special land-use permission — has been critical to New York City’s success.
Developers, contractors, architects and financiers involved in any project rely on the time-tested process. They know that the zoning rules with which they must comply have been developed through a detailed environmental analysis, exhaustive scrutiny from city planners and thorough political vetting that requires the review and signoff of several layers of government.
There are a lot of hoops to jump through. But the confidence instilled by as-of-right development has helped New York City receive record levels of investment that has allowed us to address our seemingly insatiable need to house a growing population and employment base.
Every year, new development creates thousands of good paying jobs and generates billions of dollars in tax revenue that supports vital services and infrastructure improvements on which all New Yorkers rely. (CONTINUED...)