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REBNY: Landmarking Stifles Growth

NEW YORK CITY-The industry leading organization says the city has gone too far in its protection of property.

By Rayna Katz | Updated on July 11, 2013

NEW YORK CITY-Though many in the industry appreciate the stories behind New York City’s aging building stock, one industry organization is, saying the city has gone too far with landmarking and, as a result, is causing more harm than good with the practice.

Nearly 30% of Manhattan properties are now protected by regulations governing landmarks, according to new research by REBNY, released Thursday. Protection of that many structures will stifle job creation and important economic development initiatives, increase the cost of living in New York, and further homogenize much of the borough’s neighborhoods, an announcement of the research states.

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