A Primer For Acquiring Inclusionary Air Rights In NYC
Law360, New York (January 2, 2013, 2:23 PM EST) -- Inclusionary air rights are transferrable density bonuses, awarded to incentivize affordable housing development in New York City. These bonuses enable construction — including market-rate housing — at otherwise prohibited densities. But what are inclusionary air rights, and how are they transferred? This article addresses the process of acquiring inclusionary air rights which, for the unfamiliar, can be fraught with foreign jargon.
NYC's Zoning Resolution regulates development intensity by, among other means, limiting the square footage (SF) of floor area permitted as-of-right, i.e., without discretionary zoning approval. For some sites, however, opportunities exist to exceed applicable limits with development rights from...
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