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The MoA requires the State Governments to commit to comply with six mandatory conditions including amending the Master Plan earmarking land for affordable housing, removing requirement of separate Non-Agricultural Permission if the land falls in the residential zone, putting in place a single window time bound clearance system for layout approvals and building permissions, providing additional FAR/FSI/ Transferable Development Rights and relaxing density norms for slum redevelopment and low cost housing etc.
A new report issued today by the NYU Furman Center analyzes the untapped potential of NYC's transferable development rights program, a critical tool for high-density housing development in New York City.
Mark tells me that Douglas County is also investigating the use of transferable development rights and hosted a meeting of interested parties in April.
New tools such as impact fees, transferable development rights, timed-growth ordinances, and transportation enhancement districts were put on the agenda.
DeLong notes that such a system of transferable development rights has already been established in many municipalities.
Heffley, "Spatial-Equilibrium Analysis of Transferable Development Rights, Journal of Urban Economics, 12, 1982, 238-261.
The Appraisal of Real Estate defines transferable development rights as "a development right that is separated from a landowner's bundle of rights and transferred, generally by sale, to another landowner in the same or a different area.
Transferable development rights separate the question of what land is developed from the question of who profits from development (Costonis 1973, 85-86).
Chin, who concentrates her practice in health care and real estate litigation, has successfully represented clients in a wide variety of matters in state and federal court, ranging from health care providers and associations in challenges to actions taken by state agencies and claims of Fair Labor Standards Act violations, to developers in disputes over transferable development rights, leasehold valuation, and allocation of PILOT monies.
The previous ownership, Extell Development, has also purchased 112,600 s/f square feet of transferable development rights from adjacent parcels resulting in a yeild of 270,000 buildable square feet.