News & Analysis as of

Economic Development New York

Cozen O'Connor

City Council Approves Bronx-Metro North Rezoning

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On Aug. 15, 2024, the New York City Council approved the Bronx-Metro North Neighborhood Plan, the first New York City Department of City Planning-led neighborhood plan certified and approved under the Adams administration....more

Farrell Fritz, P.C.

Tax Incentives Aim to Drive Real Estate Development Forward

Farrell Fritz, P.C. on

It has long been an accepted reality that very little real estate development gets done in New York State without the help of a myriad of tax incentive packages handed out by state and local governments—and the entities that...more

Akerman LLP

New York’s 421-a (16) Program Extension

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To address the ongoing need for affordable housing in New York, Governor Hochul and the state legislature have passed additional incentives to spur affordable housing development....more

Cozen O'Connor

City of Yes for Housing Opportunity to Include New, Higher-Density Residential Zoning Districts

Cozen O'Connor on

On March 28, 2024, the Adams Administration announced that its City of Yes for Housing Opportunity zoning proposal would, if approved by the City Council, introduce new, higher-density residential zoning districts to New York...more

Manatt, Phelps & Phillips, LLP

Executive Summary: New York State Fiscal Year 2024-2025 Budget

On January 16, New York Governor Kathy Hochul released her State Fiscal Year (SFY) 2024-25 Executive Budget, her third since assuming office in August 2021. Addresses by Governor Hochul and Budget Director Blake Washington...more

Rivkin Radler LLP

LIBN Op-Ed — Sewers: Good for the Environment, Good for the Economy

Rivkin Radler LLP on

Not often is a policy initiative good for both the environment and business. Sewer expansion is one of those initiatives. The development of sewer systems in Suffolk County would not only reduce health-harming nitrogen levels...more

Cozen O'Connor

New York Note – Executive Director for Housing, City Legislation, Top Lobbyists

Cozen O'Connor on

Mayor Adams announced the appointment of Leila Bozorg as the City’s new Executive Director for Housing. Bozorg will report to Deputy Mayor Maria Torres-Springer as part of an expanded housing, economic development, and...more

Cozen O'Connor

NYC Mayor Adams Launches Extensive Zoning Initiative to Promote Residential Development

Cozen O'Connor on

On September 21, 2023, the Adams administration revealed details for the third of three City of Yes zoning initiatives, City of Yes for Housing Opportunity. In line with Mayor Adams’ moonshot goal of providing 500,000 new...more

Cole Schotz

New M-CORE Program to Incentivize Manhattan Office Renovations

Cole Schotz on

The New York City Economic Development Corporation (NYCEDC) and the New York City Industrial Development Agency (NYCIDA) have launched the Manhattan Commercial Revitalization (M-CORE) Program to incentivize owners and...more

Cozen O'Connor

Adams Administration Unveils the “City of Yes for Economic Opportunity Zoning Proposal”

Cozen O'Connor on

On June 13, 2023, the Adams administration announced the “City of Yes for Economic Opportunity” proposal. This proposal is intended to support small business growth and job creation through changes to the Zoning Resolution....more

Akerman LLP

Extension of Incentive Programs in New York State’s 2024 Budget

Akerman LLP on

On May 1, 2023, the New York State Legislature voted to adopt the Fiscal Year 2024 budget which included the renewal and extension of the sunset date of five programs that abate real estate taxes, reduce commercial rent tax,...more

Cozen O'Connor

New York Note: State of the City, Asylum Seeker Plan, Delivery Worker Wage

Cozen O'Connor on

Speaker Adams Delivers State of the City Address- Last Wednesday, Speaker Adams delivered her second State of the City address. She focused on “People Over Everything” and outlined several proposals on economic mobility,...more

Harris Beach PLLC

New York’s FAST NY Program to Provide $200 Million in Grants to Municipalities and Economic Development Agencies to Prepare and...

Harris Beach PLLC on

On Monday, December 5, 2022, Empire State Development (“ESD”) announced that it will be providing up to $200 million in grants for the preparation and development of commercial sites across New York state to promote...more

Cozen O'Connor

Mayor Adams Outlines Vision for "City of Yes"

Cozen O'Connor on

On June 1, New York City Mayor Eric Adams announced his “City of Yes” plan to amend the city’s zoning tools to support small businesses, create affordable housing, and promote sustainability. His plan includes three major...more

Tarter Krinsky & Drogin LLP

The Constitutionality of New York City’s “Guaranty Law” Remains in Question After Decision by the Second Circuit

For those interested in knowing whether the New York City “Guaranty Law,” which was enacted by the City Council in May 2020 in the wake of the COVID-19 pandemic, will survive a challenge to its constitutionality, the wait...more

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