Hidden in Plain Sight: Billions in Potential Revenue for NYCHA

NYCHA developments full of high-rises seem massive from a distance, but on closer examination their visual bulk disguises a deeper truth: they are dominated by open space. What to do with all this unbuilt space has inspired competing and controversial plans for infill and redevelopment. A growing number of policy experts believe that the New York City public housing authority would benefit just as much from a more aggressive program to transfer development rights for cash. They are right.

Intrepid staff at the Regional Plan Association have now calculated that a straightforward rule change (a city Zoning Text Amendment) could put into play an astounding 78 million square feet of NYCHA’s transferable rights. Selling these rights, they estimate, could yield $4.2 to $8 billion for NYCHA repairs.

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