Valuing the Vacant Lots: Where's the City Revenue Hiding in Plain Sight?

Following up on its report yesterday, which said that Mayor-elect Bill de Blasio wants to hike the taxes on undeveloped, warehoused lots to drive owners to build on them, Crain's New York Business analyzed those lots. 

The city would increase tax revenues and defeat the nearly free rides of longtime holders, and presumably get affordable housing on at least some of the lots.

The article reports that NYC Department of City Planning data gathered from several city agencies show that there are more than 7,000 privately owned vacant residential lots in the five boroughs, covering roughly 2% of the city's 302 square miles.

The article reports that "other estimates put the number of lots around 10,500."  It says some of the sizing and even existence of the lots in the city report is sketchy,

With the article, Crain's also provides a list of some big private owners, on the site as well as in a downloadable file, here.

In fact, the article doesn't project tax revenues or who would build where, but it provides an interesting take on some of the opportunities for development--housing or otherwise.



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