The Real Estate Board of New York to The City Council Committee on Zoning and Franchises on the Jamaica 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 support of the Jamaica Neighborhood Plan (N250173ZRQ).

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. The citywide residential vacancy rate is at an all-time low of 1.4% and in Queens the rate is even lower at just 0.88%. Neighborhood Rezonings such as the Jamaica Neighborhood Plan are important catalysts for housing production and toward meeting the City’s 500,000-housing unit goal.

The Jamaica plan proposes to rezone 230 blocks to facilitate the creation of up to 12,000 new housing units and nearly 4,000 permanently affordable homes, through the mapping of MIH. Additionally, it will create 7,000 new jobs and 2 million square feet of commercial and community space. The Jamaica Neighborhood Plan is a thoughtful and balanced proposal that addresses our city’s urgent housing needs while also investing in the long-term vitality of a critical growth neighborhood.

The success of the Jamaica Neighborhood Plan hinges on the ability to maximize the projected housing yield. This will require alignment between the Mandatory Inclusionary Housing (MIH) requirements with the new 485-x tax incentive enacted in last year's State housing package. Under 485-x, new developments must set aside 25% of units at an average affordability of 80% AMI. Given market rents in the area, it will be critical to maintain the flexibility of multiple MIH options so projects can remain financially feasible while delivering the intended level of affordability.

REBNY commends the Department of City Planning for this necessary undertaking and urges the City Council to approve the Jamaica Neighborhood Plan.

Thank you for the opportunity to provide comments.