The Impact of Landmarking on Housing Production in Manhattan

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A TALE OF TWO CITIES:
LANDMARKING AND ITS IMPACT ON HOUSING PRODUCTION

A recent REBNY analysis showed that 28 percent of Manhattan is landmarked. The following analysis of new housing activity in Manhattan over the past 10 years (2003-2012) demonstrates that landmarking sharply curtails new housing production, particularly the creation of affordable units.1 Census data also shows a strong correlation that as the percentage of landmarked properties in a census tract increases, median household incomes are higher, racial diversity decreases, population declines, the number of rental units declines, and the average household size becomes smaller.