The Real Estate Board of New York to  The City Council Subcommittee on Zoning and Franchises on the Long Island City Neighborhood Plan

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The Real Estate Board of New York (REBNY) is the City’s leading real estate trade association, representing commercial, residential, and institutional property owners, builders, managers, investors, brokers, salespeople, and other professionals active in New York City real estate. REBNY appreciates the opportunity to testify in strong support of the One LIC Neighborhood Plan (N250177ZRQ).  

New York City is facing a deepening housing crisis characterized by severe lack of new production and an absence of sufficient affordable housing to meet the city’s needs. New York City’s residential vacancy rate is at an all-time low of 1.4%, and in Queens the rate is even lower at just 0.88%. Long Island City is one of the fastest-growing neighborhoods and demand for housing continues to outpace supply, making plans like One LIC urgently needed to meet the current and future needs of Queens residents.

The One LIC Neighborhood Plan is a critical step toward addressing New York City’s housing crisis, paving the way for up to 14,000 new homes, including an estimated 3,500 permanently affordable units through the Mandatory Inclusionary Housing (MIH) program. Importantly, maximizing housing production will depend on aligning MIH requirements with the new 485-x tax incentive. Maintaining flexibility across multiple MIH options will be critical to keep projects financially feasible while still delivering the intended level of affordability.  

Furthermore, drawing on new tools from the City of Yes for Housing Opportunity, such as the 'active recreation bonus,' the plan promotes housing development while advancing public realm improvements. Additional public realm improvements proposed in the One LIC plan include the creation of a continuous waterfront in Long Island City. This connection will link the shoreline to Court Square and enhance neighborhood cohesion and pedestrian access. To ensure these improvements are realized, long-term governance mechanisms will be essential. 

The One LIC Plan is a thoughtful and balanced proposal that addresses our city’s urgent housing needs while investing in the long-term vitality of a critical growth neighborhood. REBNY urges the City Council to approve the One LIC Neighborhood Plan.