Last Call For Changes To City Of Yes  
   
   
 

Two city council committees are due to vote on City of Yes today after weeks of negotiations. At the time that we’re writing this newsletter, the votes — which were supposed to start around 11:15 a.m. — still haven’t kicked off.

That means debate over controversial items within the citywide zoning amendment, which could supercharge housing production across the five boroughs, is likely ongoing among city council members.

 
 
Flickr/Michael Appleton/Mayoral Photography Office
 
   
 

The result could be a City of Yes text that looks pretty different than the version that the Department of City Planning faced a two-day grilling over last month.

One big potential change has already leaked: a plan to create three different zones of the city that would have different minimum parking requirements for new developments, per reporting from The City. The council is also negotiating with the Adams administration over billions in funding the mayor could provide for infrastructure improvements to support the thousands of new units City of Yes would create, Crain’s New York Business reports.

If City of Yes gains approval from the committees, it’ll head to a full City Council vote on Dec. 5. We’ll have a story coming later today about the changes and how the vote goes down.

— Ciara Long and Sasha Jones

 
   
   
 

Today's Rundown

 
 

Tilman Fertitta Pays $30M For Historic Steakhouse's Midtown South Home: The 140-year-old home of Keens Steakhouse has found a new owner: the Landry’s billionaire and Houston Rockets owner. Read more.

Why 99 Could Be The New Magic Number For NYC Apartment Projects: The city touts 485-x as the solution to multifamily developers' 421-a expiration needs, but the incentive’s labor requirements may have caused it to backfire, developers say. Read more.

Distress, Opportunistic Fundraising Dries Up With Deals Failing To Materialize: There has been just $240M raised by distress real estate funds so far this year, down from $4B raised in 2022, a sign of how the market for commercial property has shifted. Read more.

 
 

What Else Is Happening?

 
 
'Offices Aren't Dead': How Brokerages Are Turning An Overseas Boom Into A Payday 'Offices Aren't Dead': How Brokerages Are Turning An Overseas Boom Into A Payday
 
   
 
Moody’s Downgrades Blackstone Mortgage Trust On Office Concerns Moody’s Downgrades Blackstone Mortgage Trust On Office Concerns
 
   
 
Big Tech Takes BYOB Approach To Power Crisis Big Tech Takes BYOB Approach To Power Crisis
 
   
 
Extend-And-Pretend Has Grown The Multifamily Wall Of Maturities By 25% Extend-And-Pretend Has Grown The Multifamily Wall Of Maturities By 25%
 
   
 

The Finish Line

 
 
If you’ll be working right up until Thanksgiving, you’re in good company — we will be right there with you. We won’t be publishing The Rundown next week because of the holiday, but we’ll be back in your inboxes the following week. 

In the meantime, we’re always looking for tips, news about deals or new trends you’re seeing, so don’t be shy! Get in touch — especially if you have thoughts on how City of Yes is going to affect your world.

The New York City Rundown is written by New York Reporters Sasha Jones and Ciara Long and edited by Deputy Managing Editor Ethan Rothstein. We’d love your feedback and news tips: sasha.jones@bisnow.com and ciara.long@bisnow.com
 
   
   
   
   
   
 
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