More affordable TriBeCa? Dream on

By Matthew Lysiak
Special to amNewYork
In the idealistic vision dreamed up by officials in TriBeCa to put affordable housing in a location renowned as one of the priciest in the world, something
had to give.

Now, local officials are learning a lesson renters and prospective first-time buyers learned long-ago: TriBeCa may be the last place to look for affordable housing, but not for a lack of community support.

“Everybody wants affordable housing in TriBeCa,” said Community Board 1 Director of Land Use and Planning Michael Levine. “The demand is there, and the rezoning proposal could accomplish it on a moderate scale.”

The idea to add belowmarket housing in the northern part of the neighborhood east of Hudson Street has been years in the making and was finally approved by the board last
month. But the plans have since been shelved in a case of not enough carrot and too
long a stick, at least as far as developers are concerned.

That’s because to be eligible for the increase in floorto- area ratio — a type of allowed building space that the board is offering to lure developers to incorporate cheaper housing — other restrictions apply. Rules on allowed height, coupled with the Landmarks Preservation Commission’s demands that all structures conform to the neighborhood’s 19th century framework would cut heavily into developer’s profits, ultimately hindering the project’s viability.

But there will be no development without cheap housing, says Councilman Alan Gerson (D-Manhattan). “The City Council has made it clear that any rezoning must have an affordablehousing component,” said Gerson. “It is unconscionable to let the current
trend persist, especially when you consider that TriBeCa has always had a significant economic mix.”

The idea of affordable real estate in TriBeCa strikes many as an oxymoron. At $1,242 per square foot, space here is among the priciest in the city. Last year, Forbes magazine ranked the 10013 zip code as the 12th most expensive in the U.S., but that
wasn’t always the case.

TriBeCa was once an industrial district dominated by warehouses before a major revitalization saw warehouses converted into loft apartments and new businesses
emerged. Now the area is a fashionable, trendy residential neighborhood.
The local push for affordable housing is part of an effort to keep whatever remains of TriBeCa’s blue-collar roots.

“TriBeCa is not just for the very wealthy,” Gerson said. “Our community is at its best when we have a good mix of all the folks.”