State's new budget quietly boosts amount of potential housing developments around Penn Station megaproject.

The recently enacted state budget includes a provision that could increase the amount of housing built around Penn Station. The budget lifts the state-imposed limit on residential density in the city, allowing for larger apartment buildings. This change could have an impact on the stalled Penn Station-area megaproject, where housing has been a contentious issue. The budget also requires that any new developments exceeding the previous density limit must include at least 25% affordable housing. The timeline for the broader Penn Station plan remains uncertain, but some officials are pushing for urgency in order to secure federal funds. [Extracted from the article]

Copyright of Crain's New York Business is the property of Crain Communications Inc. (MI) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)