New York City’s next mayor will face a daunting challenge of budget gaps that according to current projections will range from $2.5 to $3 billion during each fiscal year between 2014 and 2016.
If the past is prelude, the coming years will likely see reduced discretionary spending and fewer publicly funded capital projects — as well as a myriad of ideas on how to increase revenue from property taxes, fines and other actions that have served as a disincentive to new investment.
At the same time, the city needs to upgrade its decaying infrastructure to remain globally competitive. Limited capital funds and greater need to invest? What to do? The city has historically neglected a potentially lucrative vehicle for generating new revenues and saving taxpayer dollars: namely, the city’s zoning code.
Image: from Commercial Observer
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