Further, REBNY says, 48 vacant lots and 50 parking lots, representing approximately 2.6 million square feet of development potential, are on landmarked properties in Manhattan.

The study also notes that landmarks impact sustainability efforts. As property owners attempt to increase energy efficiency in landmarked buildings, it is becoming harder to find affordable fixtures that comply with landmarks standards, the announcement states.

Finally, the research explains, the city's high number of landmarks acts as an impediment to the development of housing leading to housing price increases and a concentration of wealth in heavily-landmarked areas. Owners must spend time and resources on the administrative and discretionary process that landmarks designation represents, while also paying the hard costs of complying with landmarks standards. These regulations impose a special burden on those buildings that have a population whose income is unable to support the cost of complying with the largely unsubsidized landmark regulationsm as well as on rent regulated buildings, whose annual rent increases are set by the Rent Guidelines Board.

REBNY has decried landmarking before. In a previous appearance, In previous speeches, president Steven Spinola said, “We can not allow the city to landmark away its economic future.”

In response to REBNY's report, the Landmarks Preservation Commission issued the following written statement: “The Commission's record landmark designations have occurred at the same time New York City's economy has achieved record growth. The report ignores the fact that the agency has approved hundreds of new buildings and additions in historic districts as well as substantial changes to individual landmarks, and consistently strikes a balance between the city's need to preserve its great architecture and its need to grow and evolve.”