|
|
|
|
|
by Nouser76
1058 days ago
|
|
> The standard penalty for a violation is $5,000, which is a fraction of the value of the bonus space developers receive from the agreements. For example, the owners of 325 Fifth Avenue have been assessed a total of $54,000 in penalties since 2015. By contrast, the bonus floor area that the developers gained could be worth approximately $80 million if used for residential space, based on 2022 sales prices provided by Jonathan J. Miller, a New York City real estate appraiser. When the penalty is this much lower than the benefit, it's just the cost of doing business. I wonder if this same problem would happen if the fine was scaled to better reflect the increase in value. |
|