Publications

  • Matching Words and Deeds? How Transit-Oriented are the Bloomberg-era Rezonings in New York City?

    Anticipating that New York City will grow to more than nine million residents by 2030, the City has launched an ambitious planning agenda focused on development in neighborhoods well served by public transit. Between 2002 and 2009, New York City’s government enacted 100 significant changes to its zoning code, constituting the most significant change to the City’s land use regulations since the original version of the current zoning code was adopted in 1961. This chapter explores the cumulative impact of the individual zoning actions on residential capacity, and how the rezonings match the City’s stated development, environmental and transportation goals. The authors found that, consistent with desired development patterns, there has been a modest overall increase in residential capacity concentrated in neighborhoods near rail transit stations.

  • Decoding the Foreclosure Crisis: Causes, Responses and Consequences

    In a Point/Counterpoint exchange, Furman Center researchers discuss the causes and consequences of the foreclosure crisis. Each of the Point/Counterpoint teams was asked to address a set of questions covering the scope and causes of the foreclosure crisis, whether the federal policy response was appropriate, and how the future of mortgage lending may change in response to the crisis.

  • The Evolving Crisis in Context: Recent Developments for Tenants in the Foreclosure Crisis

    Although the plight of renters in the foreclosure crisis has entered the consciousness of national policymakers, renters have more often than not been omitted from the narratives offered to describe the ongoing crisis. Despite the lack of attention they have received, many thousands of rent-paying tenants have also been affected by the foreclosure crisis. Fortunately, tenants have received specific protections from mortgage giants Fannie Mae and Freddie Mac as well as new rights under new federal laws. But while these new protections and rights should help, tenants still face significant uncertainty as the foreclosure crisis continues to unfold and outreach and communication of these rights will be essential. This chapter, assesses the extent and scale of the challenges facing renters in the foreclosure crisis, as well federal action and GSE policy changes designed to address their rights. It is an excerpt from a report by The National Center for Suburban Studies at Hofstra University, “Forging a New Housing Policy: Opportunity in the Wake of Crisis.”

  • Minimum parking requirements and housing affordability in New York City

    Many cities throughout the United States require developers of new residential construction to provide a minimum number of accompanying off-street parking spaces. However, critics argue that these requirements increase housing costs by bundling an oversupply of parking with new housing and by reducing the number of units developers could otherwise fit on a given lot. In this article, we explore the theoretical objections to minimum parking requirements and the limited empirical literature. We then use lot-level data and GIS to analyze parking requirements in New York City to determine to what extent they are already effectively sensitive to transit proximity. Finally, we examine developer response to parking requirements by comparing the number of spaces that are actually built to the number required by applicable zoning law. Our results indicate that the per-unit parking requirement in New York is, on average, lower in areas near rail transit stations, but the required number of spaces per square foot of lot area is higher, on average, in transit accessible areas. We also find that by and large, developers tend to build only the bare minimum of parking required by zoning, suggesting that the minimum parking requirements are binding for developers, as argued by critics, and that developers do not simply build parking out of perceived marked need. Our results raise the possibility that even in cities with complex and tailored parking requirements, there is room to tie the requirements more closely to contextual factors. Further, such changes are likely to result in fewer parking spaces from residential developers.

  • How do New York City’s Recent Rezonings Align With its Goals for Park Accessibility?

    In 2007, New York City adopted a long-term sustainability plan that announced a goal of ensuring that almost every New Yorker lives within a ten minute walk of a park of substantial size. At the same time, policymakers are rewriting the City’s land use map through an unprecedented series of neighborhood level rezonings that involve changing the use type and residential capacity of affected lots or groups of lots. Despite the confluence of these interventions, no research has analyzed how the rezonings interact with the City’s park infrastructure, and specifically, whether residential capacity changes in areas close to parks differ from those in areas further away. In this research, we employ a database of every tax lot in New York City to investigate how well the City-initiated rezonings correlate with the goal of providing New Yorkers with good access to the City’s parks. Our results indicate a mixed picture; while most ‘upzoned’ lots (lots where residential capacity was added) were near parks, we also find that the majority of ‘downzoned’ lots (lots where residential capacity was reduced) were also close to parks. The net impact of these rezonings was a modest increase in residential capacity for the City as a whole, but the increases were disproportionately focused in areas further from parks.

  • How Have Recent Rezonings Affected the City’s Ability to Grow?

    How Have Recent Rezonings Affected the City’s Ability to Grow? is the first comprehensive statistical analysis of the City’s rezoning strategy. The report examines the net impact of the 76 rezonings initiated by the City between 2003 and 2007.  It finds that, of the 188,000 rezoned lots citywide, 86% were rezoned to reduce or limit new development through either a downzoning or a contextual-only rezoning.  Nevertheless, the 14% of lots that were upzoned resulted in a net gain of 100 million square feet of new capacity citywide. The report explores the likelihood that this new capacity will be developed for residential use, and examines the characteristics of neighborhoods that gained new capacity and of those that lost capacity.

  • Foreclosed Properties in NYC: A Look at the Last 15 Years

    In 2009, New York City saw a record number of foreclosure filings, passing 20,000 for the first time since we started tracking foreclosures in early 1990s.  Yet little is known about what happens to these properties after they receive a foreclosure notice.  This report analyzes the outcomes of 1-4 family properties that entered foreclosure in New York City between 1993 and 2007, paying particular attention to trends in recent years.  The report identifies a current inventory of 1,750 bank-owned (termed Real Estate Owned or “REO” by lenders) properties citywide—up dramatically from about 290 at the end of 2006. While the overall number of REO properties in New York remains small compared to harder hit cities, the report finds that these properties are highly concentrated in Eastern Queens, Central Brooklyn, and the North Shore of Staten Island—not surprisingly, the same neighborhoods that have been hardest hit by the mortgage crisis.

  • The High Cost of Segregation: The Relationship Between Racial Segregation and Subprime Lending

    This study examines whether the likelihood that borrowers of different races received a subprime loan varied depending on the level of racial segregation where they live.  It looks both at the role of racial segregation in metropolitan areas across the country and at the role that neighborhood demographics within communities in New York City played.

  • Underused Lots in New York City

    Despite a robust real estate market for most of this decade, researchers and policymakers have observed that many areas of New York City have remained built out well below their zoning capacity. This study aims to contribute to our understanding of urban redevelopment by compiling and analyzing a large database of underdeveloped lots in the City. We identify about 200,000 such lots as of 2003 that were built out at less than 50% of their zoning capacity, representing about a quarter of all residentially zoned lots. Of these, about 8% were redeveloped during the subsequent four years. Our preliminary analysis reveals that underdeveloped lots are primarily made up of low density 1-4 family houses and are disproportionately located in poor and minority neighborhoods. We plan to use this analysis as the foundation for further analysis to assess whether market failures and regulatory and other barriers impede desirable development in mature cities.

  • Transforming Foreclosed Properties into Community Assets

    Last May, the Furman Center, with support from the Ford Foundation, convened leading housing researchers, policymakers, lenders, and nonprofit housing organizations to discuss how best to leverage public and private resources to reuse foreclosed properties in a manner that helps stabilize neighborhoods. The Furman Center has produced a White Paper, Transforming Foreclosed Properties into Community Assets, that documents that roundtable conversation, summarizes much of the discussion’s substance, and includes links to resources—ranging from existing research papers on related topics to listings of REO properties—that we hope will be useful to practitioners, researchers and policymakers involved in neighborhood stabilization projects.