If you want to know why housing in NYC costs what it does, you have to know about a 51 year old law nobody talks about. SEQR, the State Environmental Quality Review Act, was signed into New York law in 1976. The state’s own data shows it produces almost no meaningful environmental findings, yet it applies to virtually every housing project proposed in NYC, adds approximately $82,000 to the cost of every apartment, and delays projects by 6 months to 2 years. The reform now moving through Albany would exempt many housing projects from the SEQR review process. Under the deal expected to be included in the final state budget, NYC housing projects of up to 250 units in low density zoning districts and up to 500 units in medium to high density districts would no longer require SEQR review.
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