One of the most congested and expensive U.S. housing markets is on track to see a slight expansion.
According to a report in Crain's New York Business, the New York City Planning Commission voted to certify the rezoning of the Hudson Square section of Manhattan, which would transform the commercial property sector into a mixed-use residential community. Hudson Square, which is best known for its proximity to the entrance of the Holland Tunnel, is currently zoned for manufacturing operations.
Promoters of the rezoning are seeking to reconfigure the neighborhood with limited multifamily residences, a new public elementary school and retail stores. The certification vote enables a seven-month public review and discussion of the development plan, which culminates in a final vote by the New York City Council.
