What LA needs to learn from NYC.
Los Angeles should consider taking a page out of New York’s playbook by allowing spot zoning (also known as up-zoning). Up-zoning allow developers to add density to a project (i.e. increasing the floor area ratio [FAR]) subject to the market demand.
According to research conducted by the City of New York — they found that more than 3.5 Million square feet of housing was created through density bonuses. This is great since we are creating housing opportunities for the community and, more likely than not, economic opportunities as well.
I am not, however, an advocate for density without guidelines. I feel we should consider both the functionality and the highest and best use of any given site since the purpose is to provide utility for its constituents and a return on tax payer capital.
As an impact driven investor I am looking to maximize the economic potential of an area by building as big as I can to benefit both the community and the city. After all, what good does a public-private partnership have if its not win-win for both parties?
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