New York City is an amazing place, but it also needs a “full-scale, holistic approach” to its development, Mayor Bill de Blasio said Thursday.
De Blasio’s comments were part of an interview with the Wall Street Journal that highlighted the city’s continued struggles to keep pace with rising demand and the citys continuing efforts to keep up with the ever-changing city.
De la Fuente’s comments come on the heels of an announcement by the Mayor’s Office of Economic Development and Community Development, which announced that the city will soon release a new citywide plan on urban development that will incorporate recommendations from an interagency working group.
The plan will also provide a framework for cities to better communicate with each other, which are already working together to address some of the city-wide challenges, the office said in a statement.
While many cities have made strides in addressing challenges like gentrification and rising property values, such as the gentrification of the SoHo neighborhood, the real estate market remains volatile.
The average sales price of a new apartment in the city in March was $1,000, up from $788 in February, according to Real-estate.com.
That same month, the median home price in the Manhattan borough of Manhattan was $2.9 million, up $300 from the previous month.