From http://www.nyc.gov/
From http://www.nyc.gov/
In 2005, the New York City Council approved of the large-scale rezoning of the waterfront in Williamsburg and Greenpoint. The rezoning aims to create new high density housing opportunities and to revive the waterfront. The rezoning focuses on both the waterfront itself and the upland which is the area right next to the waterfront. In the past, the waterfront area was zoned for industrial and manufacturing use and residential use was generally prohibited near the waterfront. The upland zoning was mixed, consisting of manufacturing, industrial, residential, and commercial use.
From http://www.nyc.gov/
The rezoning replaces and converts factories and warehouses with many residential buildings and sets up an area for a waterfront park and a two mile long string of esplanades.
The Inclusionary Housing Program of the rezoning promotes affordable housing for various income levels and the preservation of existing units. Waterfront and upland developments that provide 20% of their on-site units for low-income households or 25% of their on-site units for low- and moderate-income households are eligible for a 25 year 421-a tax exemption. The program also outlines income limits and maximum rents for low- and moderate-income units.
The rezoning signaled a dramatic shift in scale of the gentrification of Williamsburg, especially in real estate.
There are other rezoning or inclusionary housing areas in Astoria and Chinatown as well.
