Landmarking of Manhattan Properties is Stifling Economic Growth
according to study by REBNY (real estate board of New York)
REBNY study finds more than one in four Manhattan properties are landmarked, making neighborhoods less affordable and driving up costs for property owners.
Nearly 30 percent of Manhattan properties are now protected by regulations governing
landmarks a milestone that will stifle job creation and important economic development
initiatives, increase the cost of living in New York, and further homogenize much of the
A total of 11,857 or 27.7% of Manhattan properties are designated landmarks, according to the comprehensive analysis released today by the Real Estate Board of New York (REBNY).
In some neighborhoods, such as the Upper West Side and SoHo/Greenwich Village, of
Manhattan the level of protected properties has reach a staggering 70 percent. As the ability to develop housing is constricted, housing prices increase and wealth concentrated heavily
Owners must expend time and resources on the administrative and discretionary process that landmarks designation represents, while also paying the hard costs of complying with landmarks standards. These regulations impose a special burden on those buildings that have a population
whose income is unable to support the cost of complying with the largely unsubsidized Landmark regulations as well as those rent regulated buildings whose annual rent increases are set by
the Rent Guidelines Board.
Other key findings of the study include: 70% of properties in Community Districts 2 (SoHo, Village area) and 7 (Upper West Side) are landmarked.